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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (11481)	6/26/1998 5:17:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Mobil Canada To Build Upgrader In Alberta MOBIL PLANS TO BUILD UPGRADER IN ALBERTA CALGARY, June 25 /CNW/ - Mobil Canada announced today that the company is progressing plans to build a bitumen upgrader in Alberta and has narrowed its search to two possible locations. The upgrader would process bitumen from the planned Kearl Oil Sands project. Following an initial selection process, Mobil has selected its Kearl mine site on Lease 36 (located 70 kilometres north of Fort McMurray) and the greater Edmonton area as the possible upgrader locations. The final decision regarding the upgrader's location will be based on three criteria: economic feasibility, environmental impact, and public input. ''We are currently examining the potential for both locations,'' said Jan Nowicki, Vice-President, Kearl Oil Sands project. ''Before we proceed with our final decision, we will continue to work with local stakeholders to arrive at a decision that will be in the best interests of the communities involved, Mobil and the province of Alberta.'' ''In the meantime, we will continue our public consultation efforts and meet with those who are interested to get their input on the proposed locations before we make our final plans,'' said Nowicki. ''Our primary goal is to develop this project in the most responsible manner possible.'' Nowicki added that ''a final decision on the location of the proposed upgrader is expected to be made by the fourth quarter of 1998.'' The upgrader would process bitumen from the planned Kearl Oil Sands project into synthetic crude oil. The mine is expected to produce an estimated 130,000 barrels per day of bitumen and would be built and operated on Lease 36. Mobil has a 100 percent working interest in the lease. The upgrader is expected to cost between $1 billion and $1.5 billion, depending on the final location and technology used to process the bitumen. Mobil Canada is a wholly-owned subsidiary of Mobil Corporation headquartered in Fairfax, Virginia. Mobil Corporation stands among the world's leading oil, gas and petrochemical companies, covering the length of the energy chain, with business interests in petroleum exploration and production, supply, transportation, and marketing and refining. Mobil Canada is headquartered in Calgary with field operations in British Columbia, Saskatchewan, Alberta, Newfoundland and Nova Scotia.

To: Kerm Yerman who wrote (11481)	6/26/1998 5:30:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. / Trans-Dominion Energy Corp Status In Turkey TRANS-DOMINION ENERGY CORPORATION TSE SYMBOL: TDE JUNE 25, 1998 Trans-Dominion - Turkish Government Body Opposes Exchange Rate Guarantees CALGARY, ALBERTA--Trans-Dominion Energy Corporation announces that a decision by the Turkish Council of Public Accounts has prevented the Turkish Treasury from providing the exchange rate guarantees by which oil companies operating in Turkey can recover their invested capital without it losing value through inflation. Turkish inflation runs at about 70 percent to 90 percent per annum and, without inflation protection, the value of investments in Turkey is substantially reduced before cost recovery. This decision, unless it is reversed or modified through appeal procedures, makes Turkey a less attractive country for the oil industry. Trans-Dominion's revenues from Turkey will be adversely affected and the company, together with other companies operating in Turkey, is considering what course of action to take. The Turkish Petroleum Law, which has been in existence in its current form since 1954, provides inflation protection for investments in exploration and production. This Law still exists and non-compliance by the Treasury is open to legal challenge.