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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1481)2/23/2000 4:10:00 AM
From: Tomas  Read Replies (1) of 2742
 
Papua New Guinea: Third tripartite talks open on gas project

The National, February 23
By NIKINTS TIPTIP
THE third tripartite meeting on the PNG-Queensland Gas Project between PNG, Australia and Queensland governments opened yesterday at the Parkroyal Hotel in Port Moresby - the first time it is being held in PNG.

Opening the meeting, Petroleum and Energy Minister Tommy Assik Tomscoll said PNG is a resourceful country but markets for its resources are not readily available.

"The PNG-Queensland Gas Project took up the past 10 years in which we have progressively put in place policies and laws that have now led to serious consideration of the economic exploitation of the gas resources," Mr Tomscoll said.

Welcoming the Australian and Queensland officials, the minister said while PNG had the resource, it Australia who could provide the market.

He said the tripartite agreement provided for coordination on the gas project.

Mr Tomscoll said the project will change the economic relationship between Australia and PNG, therefore, it was important for both Queensland and Australian governments to be proactive and sensitive and assist PNG to translate this project into reality.

"It is in the interest of Australia to maintain a stable, friendly and balanced economic and political relation with its northern neighbour and in the Pacific. The Sandline saga underlined the need for improved relation and that relation should not be taken for granted," Mr Tomscoll said.

He said the gas project had the potential to reshape bilateral and multilateral relationship between the two countries.

wr.com.au
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