China-controlled firm to invest in Sudan oil production

Thursday, July 8, 2004

LONDON Foreign energy firms intend to significantly increase their investment in Sudan's oil sector.

Industry sources said the Greater Nile Petroleum Operating Co. plans to spend $700 million to increase oil production in Sudan. They said Greater Nile intends to spend $200 million of that sum on exploration and development. The rest of the sum will be spent on production.

The funds will be invested during 2005, the sources said. Greater Nile currently produces 200,000 barrels per day in central Sudan and plans to increase the figure to 500,000 barrels per day, Middle East Newsline reported.

Greater Nile is dominated by China National Petroleum Corp, with a 40 percent stake. Malaysia's Petronas has a 30 percent interest and India's state-owned Oil and Natural Gas Corp. holds a 25 percent stake.

Copyright 2004 East West Services, Inc.

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