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

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To: Tomas who wrote (1865)	10/10/2000 9:38:12 AM
From: Greywolf	Read Replies (2) of 2742

Australia-PNG Pipeline Approval Expected PERTH, Oct 10 Reuters - Regulatory approval from the Australian Government's competition agency for the $A6.6 billion Papua New Guinea to Queensland natural gas pipeline is expected on Wednesday, according to the PNG Gas project director. John Powell told a conference he was hopeful of approval being received from the Australian Competition and Consumer Commission (ACCC) for the project to finalise gas-marketing arrangements. ACCC clearance was originally issued last December, but PNG Gas was forced to lodge a fresh application when ExxonMobil Corporation and the Australian oil producer Santos Ltd became parties to the development. "We've been in dialogue with them now for many months, this is not something that has just sprung up. But, we need it obviously to get ExxonMobil and Santos into play," said Powell. When ACCC approval is received, PNG Gas plans to finalise gas sales contracts and financing for the project. Powell said he was confident that US$70 million in design contracts would be issued by December with construction starting late next year. "Once we issue the design contracts the project is as good as done," he said.

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