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

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To: Tomas who wrote (2591)	6/27/2001 2:03:57 AM
From: Greywolf	Read Replies (1) of 2742

Riots and death in PNG Upstream 01:07 GMT Lundin Oil getting the hell out of Dodge City is a very prudent action as the PNG is set to feel more of the same... sadly I might ad! Papua New Guinea's army was on standby on Tuesday night after student protests against IMF-backed economic reforms degenerated into violence in which at least three people were shot dead and 13 injured. Local hospital officials said three people had been killed. Acting police commissioner Joseph Kupo told reporters he had met the country's army commander and agreed on a call out order for the military if the situation deteriorates, Reuters said. "The army is on standby," Kupo said. Police used teargas to disperse hundreds of demonstrators outside Prime Minister Sir Mekere Morauta's office and in a separate incident fired warning shots in the air. "We now have three confirmed dead from gunshots to the abdominal region and head," Dr Chris Marjen, chief executive of the Port Moresby General Hospital, told Reuters. Police denied they were responsible for the deaths. The government district of the city looked like a battleground, with streets strewn with rocks, warehouses looted and cars and shops burnt, said an Australian journalist who flew over the area in a helicopter. "Today was a sad day for the country as criminals...took advantage of the opportunity to cause massive destruction to properties in the city," Kupo said. The former Australian colony has been plagued by political and economic chaos since independence in 1975. Prime Minister Sir Mekere Morauta's economic reforms and privatisations, backed by the International Monetary Fund and the World Bank, are aimed at getting the resource-rich but impoverished South Pacific nation back on an even economic keel. The riots will do the $2.18 billion Papua New Guinea Gas project no favours. The landmark project will draw some 6 trillion cubic feet of gas and close to 200 million barrels of liquefied petroleum gas from two main permits in the Southern Highlands, PDL-1 and PDL-2. A co-operative pact between the two permit groups marries abundant gas reserves in ExxonMobil's Hides gas field (PDL-1) with processing and transportation facilities in Chevron's ageing Kutubu field (PDL-2).

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