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

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To: Tomas who wrote (2002)	2/8/2001 4:45:46 PM
From: Tomas	of 2742

Papua New Guinea Waits For Australian Decision On Pipeline Aid Asia Pulse, February 7 PORT MORESBY, Feb 7 Asia Pulse - A decision from the Australia government on whether it will contribute to Papua New Guinea's share of the $US1.5 billion Chevron gas pipeline is expected this month, said PNG Petroleum and Energy Minister Chris Haiveta. Haiveta said the PNG government needed to raise $US540 million to pay for its one-third equity in the project, which would supply natural gas to Queensland from Chevron Niugini's oil and gas fields at Kutubu, Gobe and Hides in Southern Highlands Province. He told the local Post-Courier newspaper that the government had already raised $US100 million from the European Investment Bank but needed another $US350 million. While addressing the annual PNG-Australian mining and petroleum investment conference in Sydney last December, Prime Minister Sir Mekere Morauta said he had written to Prime Minister John Howard seeking financial assistance for PNG's injection of funds. He did not then specify how much the PNG government wanted from Australia. Haiveta said yesterday that there had been some "positive dialogue" between PNG and Australian government officials on the subject in Port Moresby last week. ___________________________________________________ Pressure on Howard to back PNG's $33m loan The Australian Financial Review, February 7 BY ROWAN CALLICK The Australian Government has come under pressure to supply Papua New Guinea (PNG) with a $A300 million loan. The PNG Government plans to use the funds to acquire a stake in a gas pipeline project that will link PNG with Australia. The project will cost an estimated $A6.5 billion. The PNG Government also plans to privatise assets, such as Air Nuigini, in an effort to accelerate the PNG economy. In early February 2001, it is believed that the economy is "struggling" to improve. A business survey by "Insight Papua New Guinea" indicates that 44 per cent of PNG businesses expect conditions to improve late in 2001. Around 40 per cent said that sales would likely continue to fall in the months to follow February.

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