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

To: Razorbak who wrote (1075)	5/12/1999 9:04:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

The PNG Gas project is expected to sign-up its first customer within 2 weeks PostCourier, Thursday May 13 First customer for PNG Gas project THE PNG Gas project is expected to sign-up its first customer within two weeks, says Petroleum and Energy Secretary Joseph Gabut. Mr Gabut said yesterday that following the resolution of the gas reserve integration, the joint venture partners would concentrate on securing the market and finalising the joint venture structure. He also predicted that PNG companies would take up a bigger stake in the ''wet gas infrastructure'' for the project, which is expected to cost about $US1.2 billion. It includes the flow-lines from the respective fields to the Agogo central processing facility at Kutubu and from there, to the refinery plant, which is expected to be set up near the Kumul Marine Terminal. Mr Gabut said the decision by Exxon not to participate in the project would enable more PNG companies to become involved. He said there will be a different set of owners for the various licences, a different set of owners for the infrastructure down to the international border with Australia, and a different set of owners for the Australian segment of the pipeline. Mr Gabut said a working group had been formed between the Government and joint venture partners to discuss issues dealing with the project. Orogen Minerals managing director Charles Lepani predicted last month that the ownership structure in the PNG section of the pipeline might change. At the time, he also said the partners would spend the three months to July on the marketing of gas in Australia, finalising the joint venture structure and securing finance for the project. Meanwhile, Mr Gabut said the State would enter into talks with the project partners regarding gas agreements once the ownership structure is finalised. Mr Gabut also told reporters that Comalco, expected to be the prime customer for the project, has resumed negotiations with the partners. Comalco had suspended negotiations citing lack of reserve security. They are yet to decide on whether to build their alumina refinery in Queensland or in Malaysia. postcourier.com.pg