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

To: Tomas who wrote (2547)	6/20/2001 10:36:52 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

PNG says backers of gas pipeline to Australia want project to proceed World News from Radio Australia, June 21 The Papua New Guinea Government says key backers of the proposed PNG to Queensland gas pipe-line are determined the project will go ahead. But, as Richard Dinnen reports, there is now speculation the project will go ahead without the PNG Government holding equity in it. ExxonMobil is the major equity partner in the pipe-line project. Its senior vice president Harry Longwell has confirmed the company's commitment to the project during a meeting with P-N-G Prime Minister Sir Mekere Morauta. ExxonMobil is now taking a lead role in securing customers for PNG gas - once customers are locked in, the project should be able to proceed. But, it may proceed without the PNG Government as an equity partner. PNG has been offered a 30 percent stake, but cannot fund the investment itself. Efforts to secure a soft loan through the Australian Government have been rebuffed, and PNG might agree to give up on becoming a stake-holder in order to avoid further delaying the project. The PNG Cabinet is due to discuss the pipeline project tomorrow. abc.net.au ________________________________________________________ Exxon Mobil meets PNG Prime Minister to discuss pipeline project World News from Radio Australia, June 21 The Exxon Mobil Corporation has met the Papua New Guinea Prime Minister, Sir Mekere Morauta to discuss the P-N-G to Australia gas pipeline project. Exxon Mobil Senior Vice-President, Harry Longwell, says he told Sir Mekere that since taking over the project in April, the company has been trying to secure gas customers in Australia. Mr Longwell says international cooperation on projects of this magnitude is required, and he's pleased to see the P-N-G and Australian Governments working closely on the issue. The project aims to bring gas from the highlands of P-N-G to markets in Queensland. abc.net.au