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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1202)7/25/1999 9:42:00 PM
From: Tomas  Read Replies (1) of 2742
 
PNG: Another key milestone for gas project
PostCourier, July 26

THE joint venture partners in the multi-billion kina PNG Gas project are
expected to initial the key Gas Agreements with the State this week, with the
full signing expected at the end of the month.
The initialing of the agreements marks another important step forward for the
project.

Petroleum and Energy Secretary Joseph Gabut and Acting Minister Mao Zeming went
to Brisbane last week to initial the Agreements on behalf of the State.

However, that did not happen.

Sources within the department said this is now expected to take place in Port
Moresby tomorrow.

The agreements would govern the operations of the PNG Gas project. It is also
expected to contain the various requirements that the State and the joint
venture partners are required to do.

While the joint venture partners and the State initial the agreement, the
customers are expected to bring their copies back to their respective
boardrooms for approval.

The Post-Courier understands that Mr Zeming and Mr Gabut met some of the
customers while in Brisbane. They also met with Queensland Deputy Premier Jim
Elder.

''It's all confidence all around,'' a senior department official said
yesterday.

Prime Minister Sir Mekere Morauta last week announced his government's full
backing of the project.

Sir Mekere also said that marketing arrangements for the proposed PNG Gas project are nearing completion.

After being briefed by PNG Gas project officials, Sir Mekere said financial
negotiations for the project were also well advanced.

Sir Mekere in his maiden speech to parliament said economic projects such as
the gas project, which are vital to PNG's economic health, will be given top
priority.
...
postcourier.com.pg
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