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

To: Tomas who wrote (2640)	7/15/2001 10:39:32 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Ethiopia gains Sudan oil Africa Analysis ADDIS ABABA, July 14 An oil and petroleum importation contract signed with Sudan is expected to save Ethiopia some 35% a year in the cost of oil. The country spends on average $20m on oil imports from Sudan which should more properly cost around $13m. The first phase of the new agreement concerns the import of 120 tonnes of butane gas, to be followed by petrol and kerosene. The contract will come into effect in 2002 and will provide 85% of Ethiopia's total oil requirements. The agreement includes the import of 120,00 tonnes of oil and 36,000 tonnes of kerosene. This will initially be transported by land container using the Gadaref-Bahar Dar road that is now under construction. Road transport will be used until the pipeline from Khartoum to Gadaref, extending to western Ethiopia, is built. The delay in building the pipeline has been blamed on the security situation in eastern Sudan where opposition forces have conducted military operations against government troops. The Ethiopian government also intends to build an oil depot inside Sudanese territory to facilitate storage and transportation. Last year, President Omar al Bashir of Sudan announced that petroleum exports to Ethiopia would be paid for through the supply of electricity for Gadaref province. Ethiopia is not the only regional purchaser of Sudanese oil. Another neighbour, Kenya, has now also bought into the 240,000 barrels a day being produced by Sudan. Kenyan purchases of crude will be processed at the refinery in Mombasa.