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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Tomas who wrote (1761)	7/19/2000 7:09:12 AM
From: Greywolf	Read Replies (1) of 2742

Pok pleased with progress of gas project, PETROLEUM and Energy Minister, Dr Fabian Pok, said yesterday he was pleased with the rate of progress of the US$3.5 billion PNG to Queensland gas project. He said he hoped agreement could be reached before a Sept 1 deadline. He said "frank but positive and constructive" discussions had been held by a state negotiating team and a number of chief executives from companies involved in the gas development. Major issues on which agreement has still to be reached included taxation terms requested by the project proponents with the Government mainly concerned about "forward and backward linkages in the economy". Dr Pok said the Government wanted the consortium to agree to the following: Construction in PNG of a concrete gravity structure; Coating of various pipelines within PNG; Support for development of a small pipeline from Gulf province to Port Moresby; and Establishment of a joint venture company to build and own the PNG wet gas infrastructure. Dr Pok said the State would use its best endeavours to provide concessions but it wanted consortium members "to respond positively to the state requirements". He said departmental officers would carry out "very intensive work" in the next four to six weeks in view of the impending Sept 1 deadline. "It is important that due process is followed in relation to State response on all the issues," he said, adding that the gas project would help lay "the building blocks for a strong and mature petroleum industry in the next 20 years or so". He hoped the negotiating teams could draw up a draft gas project agreement that can be considered by the Ministerial Committee on Gas Resource Development.

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