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

To: Tomas who wrote (1368)	11/17/1999 10:17:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

"A wonderful endorsement for the Papua New Guinea pipeline project" The Courier-Mail, Australia, November 16 Queensland's expanding gas industry has been given a massive boost in November 1999. The Queensland Premier Peter Beattie announced on 15 November 1999 his government's backing for a 700 megawatt gas-fired power project at Wivenhoe. AGL-Petronas, which is set to construct and operate the Australian section of the $A3.7 billion Papua New Guinea to Queensland gas pipeline, described the announcement as very positive, and a wonderful endorsement for the PNG project. The PNG project has been facing strong competition from coal-powered proposals. Beattie however announced on 15 November that the state's over-reliance on coal-fired power was under review. Queensland Government-owned electricity companies, Ergon, and Energex, have already signed up to conditionally take up to 180 petajoules of gas from the PNG pipeline. Energex has not had an easy time recently, announcing on 15 November 1999 a $A61.09 million profit for fiscal 1999 - a 51% slump on the previous corresponding period.