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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (2279)	4/11/2001 10:00:49 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Shell Malaysia to Invest $5.8 Bln Over 5 Years KUALA LUMPUR, April 11 (Reuters) - Shell Malaysia, a unit of the Royal Dutch/Shell Group, said on Wednesday it planned to invest 22 billion ringgit ($5.8 billion) over the next five years to expand its oil and gas operations in Malaysia. Shell Malaysia chairman Lim Haw Kuang said the company was planning major development activities in its upstream oil and gas business, refining and retailing in Malaysia and information technology and financial support services for the region. He said Shell was also exploring opportunities to invest another 30 billion ringgit in the country, but he did not disclose the timeframe. Lim had said that more than 10 billion ringgit would be used for exploration activities. Shell on Wednesday signed a 16 million ringgit contract with Brooke Dockyard and Engineering Works Sdn Bhd for the construction of an offshore satellite oil production platform. Lim said once completed, the unmanned platform will be installed offshore in the South Furious oilfield which is operated by Shell under a joint venture with state oil firm Petronas in the eastern state of Sabah. Oil production from the field is expected to start in the fourth quarter of this year. Shell, the biggest foreign oil player in Malaysia, has crude oil production facilities in Sabah as well as neighbouring Sarawak state, and operates a 156,000 barrel per day refinery at Port Dickson on the west coast of Peninsular Malaysia. It currently produces more than 100,000 barrels per day of crude oil in Malaysia. Shell also has interest in a liquefied natural gas (LNG) plant in Sarawak. Shell Malaysia owns the largest number of retail petrol stations in the country totalling 850 compared to about 550 for its nearest competitor, Petronas. ($1 = 3.8 ringgit).