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

To: Tomas who wrote (1314)	9/17/1999 9:05:00 PM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Comalco bites the Dust, Greywolf note: This is one for the books. Comalco not having the balls to stay in the PNG/QUEENSLAND project ventured elsewhere... why you wonder well thatïs one Comalcoïs share holders are going to ponder in the not too distant future. I think Chevron spokesman Cliff Leggoe sayïs it all in the article below... Comalco signs gas deal with Malaysian group BRISBANE: Comalco Ltd said yesterday it had begun feasibility studies into the competing Queensland and Malaysian sites for its planned A$1.4 billion (K2.8 billion) alumina refinery after signing a preliminary gas agreement with a Malaysian energy consortium. Comalco signed a heads of agreement on Wednesday with the Petronas/Shell consortium to supply natural gas to the Malaysian site earmarked for the refinery in Similajau, Sarawak. The agreement provides for the supply of gas for 20 years beginning in 2002, with the project expected to have a total gas requirement of approximately one trillion cubic feet. "This development represents another step forward for the Comalco alumina project and I congratulate those involved," Comalco chief executive Terry Palmer said today. "Final feasibility studies have now commenced for both the Malaysian and Gladstone sites." The studies were expected to take six months to complete, a spokesman said. Comalco signed a similar preliminary agreement a couple of months ago with Allgas, a subsidiary of the Queensland government-owned Energex, for the supply of gas to the Gladstone site on the central Queensland coast. Under the Gladstone option, the refinery will be fired by gas taken from Chevron's proposed multi-billion kina Papua New Guinea to Australia gas pipeline. Chevron expects financial closure and the final go-ahead for the pipeline in October next year but no longer requires Comalco's refinery as a foundation customer. "We've said right from the start we needed 100 petajoules of gas a year (to underpin the project) and the gas agreements we've signed are for 180 petajoules,"Chevron spokesman Cliff Leggoe said. "We'd obviously like Comalco to be part of that but we understand they are still looking at both options." The Petronas consortium proposes to initially supply gas from several existing fields offshore Bintulu, Sarawak, and then from new gas reserves in the area. "The gas produced from the offshore fields will be landed in Bintulu and piped to the plant about 40km away to use as fuel by the alumina refinery," Petronas said in a statement.