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

To: Tomas who wrote (2539)	6/19/2001 6:26:15 PM
From: Tomas	Respond to of 2742

Lundin Oil: More Sudan Economic Sanctions Will Hurt People By Rod Stone STOCKHOLM, June 19 (Dow Jones) - The head of Sweden's Lundin Oil AB (LOILY) said Tuesday that further economic sanctions against Sudan could harm the development of the African country. "To penalize Sudan with further economic sanctions at this important stage of its development could potentially have a devastating effect on all the people," said Ian Lundin, the company's Chief Executive Officer in a statement. His comments follow the U.S. House of Representatives approval of proposed legislation to prohibit business entities engaged in Sudan from trading securities in the U.S. market unless they make public disclosure of their activities. The proposed legislation is known as the Sudan Peace Act and requires approval from the Senate and U.S. President. "Oil is a critical factor in the process of improving the standard of living and achieving economic stability in this culturally and ethnically diverse country," Lundin said. "We would welcome a more constructive approach by the U.S. Government in order to find a peaceful solution to the conflict in Sudan. The Country in general is ready for peace and welcomes foreign investment with open arms," Lundin said of the legislation's approval by the House of Representatives. Lundin Oil has a significant interest in two oil exploration blocks covering a total area of 50,000 square kilometers in the Muglad Basin of Sudan. The company is listed in Stockholm and on Nasdaq.