News Article by CCN posted on June 19, 2001 at 13:05:23: EST (-5 GMT)
Lundin Oil Comments on the 'Sudan Peace Act'
VANCOUVER, BRITISH COLUMBIA, JUN 19, 2001 (CCN Newswire) -- The U.S. House of Representatives has proposed legislation to "prohibit business entities engaged in commercial activities in Sudan from trading their securities in any US capital market unless they make public disclosure of their activities in Sudan". The proposed legislation known as the Sudan Peace Act still requires the approval of both the Senate and the President in order to become law.
Both the State Department and the Administration have expressed their reservations to the proposed legislation.
Commenting on this political development, Ian Lundin, CEO of Lundin Oil said:
"We would welcome a more provocative 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. To penalize Sudan with further economic sanctions at this important stage of its development could potentially have a devastating effect on all the people. 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 Oil has a significant interest in two oil exploration blocks covering a total area in excess of 50,000 square kilometers in the prolific Muglad Basin of Sudan. The Country is currently exporting less than 200,000 barrels of oil per day (which is less than 5% of the total production from the North Sea). However, it is now fully self-sufficient in petroleum products thanks to a newly commissioned refinery in Khartoum. As a result of oil developments, Sudan now has a positive trade surplus for the first time in its history.
Lundin Oil AB is a Swedish independent oil company with exploration and production activities in eight different countries worldwide. The Company is listed on NASDAQ (symbol "LOILY") and the Stockholm Stock Exchange (symbol "LOILB").
CONTACT: Lundin Oil AB
Maria Hamilton
Corporate Communications
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