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

To: Katherine Tynberg who wrote (939)	3/12/1999 5:53:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Papua New Guinea: Pipeline can meet 2001 target MELBOURNE, March 10 (Reuters) - Australian Gas Light Co managing director Len Bleasel said on Wednesday the proposed Papua New Guinea to Queensland gas pipeline project could be completed by late 2001 despite delays. The go-ahead for the pipeline is hinging on producer supply agreements in Papua New Guinea and finalisation of customer contracts in Australia. Bleasel told Reuters after a shareholder meeting that AGL was quietly confident of the chances for the pipeline to proceed. ''I'm well above 50 percent. It is more likely than not,'' he said. ''I think we are in the critical year and some time during this year it will all be resolved.'' AGL and Malaysian joint venture partner Petronas have won the right to build, own and operate the 2,100 km section of the pipeline from Australia's sea border with Papua New Guinea to Gladstone in Queensland. Bleasel said development of the pipeline would bring great benefits to Australia. ''We think it is needed for competition in gas. It will bring gas into the east coast of Australia that is competitive to all the other alternatives,'' he said. PNG gas project operator Chevron is negotiating with other PNG producers for the supply of gas from both the Hides and Kutubu gas fields for the pipeline. biz.yahoo.com