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

To: Tomas who wrote (2367)	5/6/2001 9:46:51 PM
From: Tomas	Respond to of 2742

'First draft of PNG pipeline deal by Friday' The National, May 7 By YEHIURA HRIEHWAZI THE first draft of the long-awaited PNG-Queensland Gas Pipeline Project Agreement is expected to be presented to Cabinet by the end of the week, a Government source revealed last night. New project operator Exxon-Mobil sent its senior executives to Port Moresby last week for discussions with Government representatives and joint venture partners. During the meetings, it was agreed that the Government needed to attend to two outstanding issues: the gas agreement and financing for the Government's equity in the project. The source said the draft gas agreement will go to Cabinet before Friday while the Government looks at financing options. "These are the main issues related to the State's participation in the project," the source said. On the other hand, the source said, the joint venture partners (Exxon-Mobil, Oil Search Ltd, Orogen Limited, Mineral Resources Development Company and Chevron) have agreed to attend to outstanding commercial issues like gas sales agreements. It is understood that the Ministerial Gas Committee also met last week to endorse the discussions held between Government officials and joint venture partners. The ministerial committee includes Petroleum and Energy Minister Chris Haiveta, Foreign Affairs Minister Bart Philemon and Planning and Bougainville Affairs Minister Moi Avei. When contacted last night, Mr Haiveta confirmed that Exxon-Mobil executives met with his officers last week. He also confirmed meeting with Exxon-Mobil executives and said he is working on a program to submit a draft agreement to Cabinet before Friday. zipworld.com.au