AGL sees Papua New Guinea pipeline completed early 2003
MELBOURNE, July 27 (Reuters) - The Australian Gas Light Co said on Tuesday it expected construction of the Papua New Guinea to Gladstone gas pipeline would be completed by early 2003.
AGL managing director Len Bleasel said construction would start as soon as all the business arrangements were completed.
''At this stage we believe financial close can be achieved by mid next year and then the pipeline could be completed by early in 2003,'' he said in a statement.
AGL and Malaysia's Petronas will build, own and operate the billion 2,100 km pipeline from the PNG border to Gladstone, at an estimated cost of A$1.5 billion.
Bleasel said a decision would also be made soon on delivering PNG gas into the Brisbane market.
''We are studying various delivery options, including the possible construction of a new pipeline direct from Gladstone into Brisbane,'' he said.
Chevron Corp (NYSE:CHV - news) unit Chevron Services Australia said on Tuesday it had finalised negotiations to sell up to 130 petajoules of gas to Queensland government-owned Allgas. the contract was for a 20-year term.
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Chevron concludes PNG contract with Allgas
BRISBANE, July 27 (Reuters) - Chevron Corp unit Chevron Services Australia said on Tuesday it had finalised negotiations to sell up to 130 petajoules of gas to Allgas from the A$5.5 billion Papua New Guinea to Gladstone gas pipeline.
Allgas, owned by the Queensland state government, was acting as aggregator for likely gas users Tarong Energy, Comalco Ltd , Sithe Energies, and CS Energy. Sithe is majority owned by Vivendi .
The contract is for a 20 year term.
''This contact alone is very close to the foundation volumes required to underpin the development of the PNG gas project,'' said Chevron's project director John Powell.
Chevron is operator of the project, which will take gas from the Kutubu and Gobe fields in the Southern Highlands of PNG.
Chevron said once the contract had been approved by the boards of each company, the project would ''move into front end engineering and in parallel final approval and finance activities.'' This was expected to take about 12 months.
Comalco, which is considering building an alumina refinery in Gladstone or Sarawak, Malaysia, was considering taking about 20 petajoules, Chevron said.
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