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

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To: Tomas who wrote (710)	8/24/1998 6:03:00 PM
From: Tomas	of 2742

Papua New Guinea: Comalco could pick refinery site late 1998 MELBOURNE, Aug 24 (Reuters) - Comalco Ltd could make a decision on the site of a proposed alumina refinery by late this year or early 1999, chief executive Terry Palmer said on Monday. Palmer told a briefing on the company's first-half results that once an energy supply agreement was secured a site specific engineering study would take about three to four months to complete. ''It is theoretically possible we would have everything together to seek board approval to build at the end of this year,'' he said. ''But it is getting to the stage now where is is more likely to be early next year.'' Comalco is planning to build a refinery to use Weipa bauxite at either Gladstone in the Australian state of Queensland or at Bintulu in Sarawak, Malaysia. Palmer said discussions were continuing with the Queensland state government on the provision of infrastructure and with the Federal Government on fiscal issues. Palmer said the Malaysia offered an attractive fiscal regime for projects such as the alumina refinery, but the Australian government had indicated it wanted to also offer a competitive financial environment. ''I think many people in this room and elsewhere would have heard the Prime Minister say he wanted to match that,'' Palmer said. He told the briefing refinery construction could start immediately board approval was received and a decision early next year would see production on stream in late 2001 as world aluminium consumption growth is forecast to recover. Palmer welcomed the announcement that NRG Asia/Pacific, a unit of Northern States Power Co (NSP - news) intended to build a gas-fired power station in Gladstone. ''It is a little early to tell if that may help, but it may do,'' he said. Comalco is a prospective major user of natural gas to be transported by a pipeline from the Southern Highlands of Papua New Guinea to north Queensland planned by Chevron Corp (CHV - news). The NRG Asia/Pacific power station would use PNG gas. biz.yahoo.com

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