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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1021)4/19/1999 8:54:00 AM
From: Tomas   of 2742
 
Reuters: Papua New Guinea minister throws support behind gas pipeline

PERTH, April 19 (Reuters) - Papua New Guinea's Minister for Petroleum and Energy Sir Rabbie Namaliu dispelled doubts on Monday about his country's support for the Chevron Corp (CHV - news) led project to pipe natural gas from PNG to Queensland.

He told the annual conference of the Australian Petroleum Production and Exploration Association that the project was ''of vital importance to the PNG economy; so the priority for my government in the short term is to help ensure that this project does move ahead.''

''The PNG government will support the project wherever it can.''

Doubts have been expressed in the past that some PNG ministers preferred to see gas produced in the PNG Highlands consumed in the country or converted to value-added product such as liquefied natural gas (LNG).

There have also been doubts that enough new customers can be found in Queensland for the project.

Comalco Ltd , a major potential user at a proposed alumina refinery at Gladstone, is yet to sign a purchase agreement.

Namaliu said the gas project would add a completely new dimension to the relations between PNG and Australia.

One development would be increased revenue to support the PNG economy with less reliance on Australian development assistance.

''Another significant consequence will be the shift in the balance of trade between the two countries. Currently PNG imports more than we export to Australia. I am confident that the gas project will contribute in a very large way to reversing that trend and in balancing trade.''

biz.yahoo.com
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