Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (1123)	6/1/1999 7:30:00 AM
From: Tomas	Respond to of 2742

AFP: Sudanese president inaugurates oil export pipeline KHARTOUM, May 31 (AFP) - Sudanese President Omar al-Beshir on Monday inaugurated a one billion dollar pipeline in the central town of Higleig that will carry the country's oil to the coast for export. The oil is to begin flowing on Monday to the specially built Red Sea harbour of Beshair. Beshir led a huge party of government officials and journalists who flew Monday morning aboard 10 small planes to Higleig, in West Kordofan, for the ceremony. "The petroleum will be instrumental in achievement of prosperity and will help a great deal in our development projects," Beshir noted in his inaugural speech. The 1,600-kilometer (1,000-mile) pipeline, costing about one billion dollars, was built by a consortium of Chinese, German, Argentine, British and Malaysian companies with a total pumping capacity of 450,000 barrels per day (bpd), according to sources in the energy and mining ministry. Initially, the pipeline, which is 28 inches (70 centimeters) in diameter, will pump 150,000 bpd, the sources said. It will connect a refinery at Al Obeid, North Kordofan, and another outside the capital Khartoum to Beshair. Exports are due to start on June 30 to coincide with the 10th anniversary of the coup d'etat that brought Beshir to power.

To: Tomas who wrote (1123)	6/1/1999 7:40:00 AM
From: Tomas	Respond to of 2742

DPA: Sudanese President inaugurates longest oil pipeline in Africa Khartoum (dpa) - The Sudanese president, Omar Beshir, Monday inaugurated an oil pipeline linking the Heglig oilfields in the Abyei province of Western Kordofan to Bishair port on the Red Sea. Speaking on the occasion, General Beshir thanked the Sudanese army and the popular defence force for protecting the oil installations from rebels of the Sudan People's Liberation Army (SPLA) who had threatened to disrupt oil exploitation in the area. The minister of mining and energy, Awad al-Jaz, told the gathering that the pipeline inaugurated measured 1,610 kilometres, describing it as the longest in Africa. The minister said despite the threat by the rebels the work had gone according to schedule, stressing that on June 30, Sudan would begin exporting its oil through the pipeline. The pipeline has a maximum capacity of 450,000 barrels per day but it will start by pumping only 150,000 barrels per day. The date chosen as the beginning of the oil export coincides with the celebration of the tenth anniversary of the coup that brought General Beshir to power on June 30, 1989. The oilfields in Heglig were originally drilled by the Chevron Oil company of the United States but it had to pull out in mid 1980's because of the insecurity caused by the civil war. The Sudan government contracted other companies from Canada, China, Malaysia, Britain and Argentina to continue with the exploration and exploitation of oil in the country. However, the SPLA has vowed to prevent the government from exploiting the oil, arguing that the way the government intends to exploit the oil will deprive the inhabitants of the area from the benefits of this natural resource. The government has built refineries in the northern part of the country and erected a pipeline to pump the oil northwards and to the Red Sea for export while the fields are situated in the southern part of the country. Recently the speaker of the Sudanese Parliament, Hassan Abdalla Turabi described as baseless rumours circulated by some circles that the Sudanese government was planning to use the oil revenue to develop an arms industry. He said the oil revenue would be used for economic development of the country in general and the areas of production in particular.

To: Tomas who wrote (1123)	6/1/1999 7:55:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

AP: "it will take about 4 years for Sudan to begin making money off the oil" Sudan Inaugurates Oil Pipeline By SUSAN SEVAREID Associated Press Writer HEGLIG, Sudan (AP) - Sudan's president danced and workers cheered at today's inauguration of a 1,000-mile pipeline that will allow this impoverished nation to exploit vast oil reserves long untapped because of war and politics. The $3 billion investment in pipeline and refineries is expected to yield 150,000 barrels of oil per day by the end of September, quickly increasing to at least 250,000 barrels per day. Recoverable reserves in this isolated semi-desert area 435 miles southwest of the capital, Khartoum, are estimated at 627 million barrels. The pipeline stretches from the Heglig-area oil fields in western Kordofan province to the port city of Bashaier on the Red Sea. ''It is not Saudi, but it is the first sizable deposit in what may be a large hydrocarbon province,'' said Jim Buckee, chief executive officer of Talisman Energy Inc. based in Calgary, Canada. The fields were discovered in 1982 by U.S.-based Chevron Corp., but the company did not develop them and cited security reasons for eventually dumping the project. In 1983, the largely Christian and animist south rebelled against the Islamic northern government in a civil war that has claimed 1.9 million lives. Talisman has invested $400 million in the pipeline, and Buckee said the company is satisfied with government security. President Omar el-Bashir, addressing 3,000 workers, villagers and dignitaries from Khartoum, spoke of outfoxing U.S. interests in Sudan by finally nearing completion on the oil project. ''The oil was always here, but ... it was in the hands of the American company - and the Americans said 'We do not need this oil at this time,''' he said. When told to dig it out ''for the benefit of the Sudanese people or we are bidding farewell,'' the Americans left, he said. Bashir thanked the foreign oil companies investing in the project, including Chinese and Malaysian firms. Energy Minister Awad al-Jazz said it will likely take about four years for Sudan to begin making money off the oil, given the high start-up expenses. However, his production estimates - at an initial 180,000 to 200,000 barrels per day - run slightly higher than those of the oil consortium. dailynews.yahoo.com