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

To: Tomas who wrote (2356)	5/3/2001 7:59:06 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Slavneft seeks oil riches in Sudan KHARTOUM, Africa Analysis, May 3 Undeterred by the growing outcry about the oil business and human rights in Sudan, the joint Russian-Belarus company, Slavneft, has finalised a major oil deal here. The company will prospect for oil in and around Khartoum. It is also planning to buy a 46% stake in Mellut Petroleum Ltd, a Canadian company, registered in Barbados. This joint venture involves Fosters Resources of Canada and Gulf Petroleum of Qatar that, between them, planned to invest $30m over three years in the 72,000 km2 Mellut Basin concession. Gulf and Fosters also planned to increase their holding to 83%. But in May last year, the companies bowed out of the controversial oil development in the face of the campaign by human rights groups. Mellut chief executive officer Randy Pawliw, maintained that the controversy stirred about human rights abuses caused the venture's 'financial backers to withdraw'. If Slavneft's bid to take over the Gulf and Fosters holding succeeds the Russo-Belarus oil company will gain control of the Mellut consortium. It would also manage 8% stake in Sudapet, Sudan's oil company. Slavneft recently conducted a soil sampling exercise in the concession fields that cover the states of Khartoum, Gezira, Northern Kordofan and Nahr el Neel. A similar exercise was also carried out in West Tokar in eastern Sudan on the Eritrean border.