PNG GOVERNMENT AND DEVELOPERS REACH AGREEMENT ON GAS PROJECT

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PORT MORESBY, Papua New Guinea (January 3, 2002 – Radio Australia)---The Papua New Guinea Government and developers of a project to supply natural gas to the Australian state of Queensland have reached an agreement to move the project forward.

The Chairman of the Ministerial Committee on Gas, Sir Moi Avei, said the Government has also reached a compromise with the developers on the fiscal stability clause pertaining to the project -- something that was a contentious issue only two months ago.

He told the Post-Courier newspaper that he would take the proposal back to the PNG Cabinet on January 16 and the developers would take it to their respective boards for endorsement.

The Chairman of the PNG Gas Project Owners Group, Bill Threlfall, said the project members have access to enough gas reserves to provide certainty of supply to Queensland and other regions of Australia for many years.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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