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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Greywolf who wrote (718)8/31/1998 5:41:00 AM
From: Tomas  Read Replies (2) of 2742
 
Papua New Guinea: Chevron in deal with Comalco on PNG gas

DARWIN, Aug 31 (Reuters) - Chevron Corp Papua New Guinea gas project director John Powell said on Monday a memorandum of understanding had been reached with Comalco Ltd (CMC.AX) for the supply of gas from the PNG pipeline to Comalco's proposed alumina refinery.

Powell said the commitment would initially be for 27 petajoules a gas per year, conditional on Comalco choosing Gladstone in Queensland as the site for its proposed refinery.

Chevron has already secured deals to supply gas from the pipeline to proposed power stations in Townsville and Gladstone, which together have a total demand of 68 petajoules, and is in further discussions on other projects in Queensland that would devlier demand of 45 petajoules.

''The PNG gas project has obstensibly reached its critical mass in the market place,'' Powell told the North Australia and Papua New Guinea gas conference.

biz.yahoo.com
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