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Oil industry failing to use the Net

By John Oates

Published: 26 November 1999 15:07 GMT

The oil industry is missing a golden opportunity to improve its profitability by not exploiting the Internet fully, according to attendees at a recent conference in London.

Victor Burk, managing director of energy industry services at Arthur Andersen, told Reuters: "There's been no strategic linking but instead errors, conflicts, wasted resources and missed opportunities."

Arthur Andersen has calculated that online energy sales will be worth over $250bn within the next five years.

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