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

To: Tomas who wrote (1824)	9/1/2000 9:56:22 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

PNG gas win on pollution - PostCourier, September 1 CANBERRA: The builders of the 3200 kilometres-long gas pipeline from Queensland to Papua New Guine yesterday guaranteed the project would help cut greenhouse gas emissions. Chevron, the company responsible for the PNG Gas plan, joined the federal government's Greenhouse Challenge program. It committed itself to cut emissions by more than seven million tonnes by 2014. It is the 234th company to join the program, implemented as part of the Australian Government's policy to cut emissions under the international Kyoto Protocol. "For Chevron in particular this is our fourth project we have supported in one way or another as part of the Greenhouse Challenge," Chevron managing director John Gass said when signing up to the program. "I think the PNG gas project is quite a visionary project when you think of what's involved. "It's 3200 kilometres of pipeline, $3.5 billion of investment and crossing international borders. "The economic benefits are quite large, for PNG and Australia." The project is set to begin next year and will deliver Papua New Guinea gas to Queensland via the Torres Strait. The national commodities forecaster, ABARE, estimates it will create about $6 billion of investment around the pipeline, $2 billion in ongoing annual spending and 3000 jobs. Environment Minister Robert Hill said Chevron was committing to eliminating more than 10 per cent of the total 1998 emissions from the entire transport sector. The PNG-Australia pipeline project had been under economic pressure earlier, as rival power projects threatened to cut into its viability. The project proposes piping gas from the resource in the Southern Highlands, down through the Gulf Province, and undersea.