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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1206)	7/26/1999 12:59:00 AM
From: Timelord	Read Replies (3) \| Respond to of 2742

We must be getting close, even Chevron is sounding positive: Chevron sees PNG gas demand finalised in near-term MELBOURNE, July 26 (Reuters) - The leader of the Papua New Guinea to Queensland gas pipeline project, Chevron Corp (NYSE:CHV - news), said on Monday customer sales agreements could be finalised in the ''very near term' allowing construction to start in a year. Chevron's Australian unit external affairs manager Cliff Leggoe told Reuters uncertainty over whether Comalco Ltd would build its A$4.5 billion alumina refinery in Queensland or Malaysia should not affect construction start. ''We would still get the foundation volumes without them,' Leggoe said. ''We want their volume, but at the end of the day if they do choose to go to Malaysia that won't crater this project.' Comalco, about 72 percent owned by Rio Tinto Ltd/Plc (quote from Yahoo! UK & Ireland: RIO.L), said on Monday it had reached preliminary agreement with Allgas, a subsidiary of state-owned Energex, for supply of gas from the pipeline for the refinery. But the company has yet to decide if it will site the refinery in the Queensland city of Gladstone or the Malaysian province of Sarawak. It said it was about to begin a final feasibility study of the sites which would take about six months. Leggoe said discussions were continuing with Energex and state-owned Ergon Energy to finalise agreements that would allow the pipeline to go ahead. ''We hope to have that done in the very near term,' he said. ''We are meeting with them constantly.' Construction on the pipeline, extending more than 2,300 km, is scheduled to begin in 2000. ''We have said that from the time we secure gas contracts there would be a 12 month period for us to get the rest of the pieces in place for this project to move into construction,' Leggoe said. Federal Industry Science and Resources Minister Nick Minchin and Queensland Premier Peter Beattie both welcomed the news that Comalco was about to begin the final feasibility studies. Beattie said both governments were offering significant financial incentive packages to locate the refinery in Gladstone. ''But this assistance is not open-ended,' he warned. Minchin said the Federal government had indicated it was prepared to provide financial support of more than A$100 million to enable the project to proceed in Australia. Comalco said on Monday it was also close to concluding preliminary Malaysian energy supply agreements with the Sarawak Electricity Supply Corporation and Petronas/Shell(quote from Yahoo! UK & Ireland: SHEL.L). It said discussions with federal and state governments in Malaysia on infrastructure support were progressing well. biz.yahoo.com Alex