8 Oct 2004

PNG fuel sector welcomes new work on Highlands Gas project

10:27 am on 8 October 2004

The decision to begin work on the much-anticipated Papua New Guinea to Australia gas pipeline has brought a rare degree of optimism to PNG's financial sector.

The executive director of the PNG Chamber of Mines and Petroleum, Greg Anderson says the decision to move ahead with an important stage of the US$3.5 billion Highlands Gas Project was a positive sign in an economy that hasn't had much to get excited about in recent years.

He described the planned start as great news for the hydrocarbon sector and great news for the country as a whole

His comments follow news that the partners in the 3000 kilometre pipeline project have moved into the engineering and design phase after securing two new conditional gas sales agreements.