Malaysia’s Petronas JV aims to raise Sudan oil output

KUALA LUMPUR, June 21, 2005 (Dow Jones) — Malaysia’s state-owned Petroliam Nasional Bhd. (PET.YY) Tuesday said its joint venture company in Sudan aims to raise its output to 1 million barrels of oil a day by 2007.

“Hopefully by 2007, Sudan will increase its production from 300,000 barrels per day to 1 million (bbl a day),” Petronas Chief Executive Mohd Hassan Marican said.

Hassan was speaking at a seminar on joint business alliances in Organization of Islamic Conference, or OIC, countries.

Petronas is jointly developing Sudan’s oil resources with China National Petroleum Corp. and Sudan’s National Oil Co. The joint venture has been in place since 1997.

Hassan also said Petronas is also working on developing the oil industry in Chad. He didn’t elaborate.