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

To: Tomas who wrote (706)	8/19/1998 10:08:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Lundin's Pandora project: "The PNG pipeline moves a step closer" Australia state talks to Comalco on PNG gas BRISBANE, Aug 19 (Reuters) - The Queensland state government was talking with Comalco Ltd to help secure the A$3 billion gas pipeline linking northern Australia and Papua New Guinea, Minister for State Development and Trade Jim Elder said on Wednesday. The state government was working actively to secure the pipeline being developed by Chevron Corp's (CNV - news) Chevron Asiatic Ltd, Elder said in a statement. "We've been talking to not just Chevron but also one of their potential major customers, Comalco, to try to progress their respective negotiations," he said. Chevron today signed a memorandum of understanding with NRG Asia/Pacific, a unit of Northern States Power Co (NSP - news), to supply gas from the pipeline to a proposed new 368 megawatt power plant in Gladstone, Queensland. The pipeline plan hinges on supply agreements with potential major gas users, including Comalco, which is debating if it will build an alumina refinery in Gladstone or Sarawak, Malaysia. Sources close to Comalco said data was being collected to determine if the necessary commercial and raw material supply conditions could be secured at Gladstone. Once the site is selected the overall project still needs to be approved by the company board. "It (a decision) is unlikely to be in the near future. It certainly won't be in the next week or so," the source said. "It is certainly possible by the end of the year but how likely it is I really couldn't comment on." The Comalco alumina refinery is expected to require at least 70 petajoules of gas annually, compared to the 20 petajoule annual requirement of the NRG power station. Elder said today's signing with NRG moved the PNG gas pipeline a step closer. "We're still very keen for the Comalco alumina refinery to go ahead but we are also looking at seeing what we can do to diversify the end-users so that the pipeline is commercially viable," he said. The state goverment said the pipeline benefits would allow for increased gas competition throughout eastern Australia and would have greenhouse benefits. Elder said gas accounted for only 5.3 percent of final energy consumption in Queensland compared with a national average of 17.6 percent. biz.yahoo.com ___________________________________________ NRG says power plant to cost A$300 million MELBOURNE, Aug 19 (Reuters) - A new 368 megawatt gas-fired power station at Gladstone on the central Queensland coast will cost around A$300 million, developer NRG Asia/Pacific said on Wednesday. NRG, a unit of Northern States Power Co (NSP - news), said it has signed a gas supply agreement for the plant with Chevron Services Australia Pty Ltd (CHV - news), operator of the A$3.8 billion Papua New Guinea-Australia gas project. NRG managing director and chief executive officer Keith Hilless said the company would issue expressions of interest to potential customers in Gladstone for electricity, steam and waste heat requirements from the plant. "This plant will provide the right incentives and energy costs for customers to choose this region to locate new industry," he said. "The result for the community will be more job opportunities and a cleaner environment." The plant is expected to be full operational in the second quarter of 2001. Gas from the PNG pipeline project is scheduled to be on-stream at that time. biz.yahoo.com