Papua New Guinea: Talks with ADB, Japan on gas project funding positive
The National, June 29
By KEVIN PAMBA
PORT MORESBY: Papua New Guinea will have to make a formal request to the Japanese Government for concessional funding assistance for the PNG-Queensland gas project.
Petroleum an Energy Minister Sir Rabbie Namaliu said this yesterday when expressing satisfaction over the outcome of last week's talks with the ADB and Japan led by his department secretary, Joseph Gabut.
Sir Rabbie said the ADB and Japan will send a mission to do a detailed assessment of the economics of the project. The minister did not give a date of when they would be in the country.
The Minister said: "I am very pleased with the outcome of the discussions on the sourcing of concessional funds for the PNG-Queensland Gas Pipeline Project.
"The delegation led by the Secretary for Petroleum and Energy, held very productive meetings with the Asian Development Bank as well as Japanese Government and financing institutions last week."
He said "the ADB and Japanese officials understand the importance of the PNG-Queensland gas pipeline project but to assist them make detailed assessment of the project, they will send missions to PNG to study the economic and social impact of the project on the country".
"A formal request is now required by the Japanese authorities and financing institutions in order for them to proceed with the detailed study and possible funding of the project," Sir Rabbie said.
"The sourcing of concessional finance is very important to the project. Such funds will help improve the economics of the project, and more importantly, assist PNG companies like National Gas Corporation and Mineral Resources Development Company to participate in the ownership and operation of the project.
"The Government is involved in helping to organise concessional finance in line with its policy to commercialise our natural gas resources.
"The commercialisation of natural gas requires construction of infrastructure and therefore the gas project is the ideal opportunity for the Government to assist in establishing the infrastructure required to develop the many gas fields in this country.
"This is a strategic piece of infrastructure in terms of future gas development so every effort should be made to ensure the infrastructure is built whilst we have the narrow window of market opportunity in Queensland."
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Funding talks for gas project 'going well'
PostCourier, June 29
PETROLEUM and Energy Minister Sir Rabbi Namaliu has welcomed the outcome of talks over funding for the PNG/Queensland Gas pipeline project.
A government delegation, led by Petroleum and Energy Secretary Joseph Gabut held ''very productive meetings'' with the Asian Development Bank, the Japanese government and financial institutions last week, he said.
''The ADB and Japanese officials understand the importance of the PNG/Queensland Gas pipeline project. But to to assist them make detailed assessment of the project, they will send missions to PNG to study the economic and social impact of the project on the country,'' Sir Rabbie said.
''A formal request is now required by the Japanese authorities and financing institutions in order for them to proceed with the detailed study and possible funding of the project. I hope this request can be made quickly because of the short time required to reach financial close and construction to begin,'' Sir Rabbie said.
The Minister said the source of concessional finance was important to the gas pipeline project.
The funds would help improve the economics of the project, and more importantly, assist PNG companies like National Gas Corporation and Mineral Resources Development Company to participate in the ownership and operation of the project.
''The Government is involved in helping to organise concessional finance in line with its policy to commercialise our natural gas resources. The commercialisation of natural gas requires construction of infrastructure and therefore the gas project is the ideal opportunity for the Government to assist in establishing the infrastructure required to develop the many gas fields in this country,'' he said.
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