Companies invest billions in PNG gas industry

energy

By Steve Marshall
The Papua New Guinea gas industry has found a new player willing to invest $7 billion into commercialising the country's natural gas reserves.
Liquid Niugini Gas Limited, a partnership between three international companies, submitted the multi-billion dollar proposal to the Government.
The agreement would see the company build and operate a liquid natural gas plant near Port Moresby.
PNG Prime Minister Sir Michael Somare described the project as an important step in the country's bid to become a major liquid natural gas producer.
The announcement comes two months after the proposed gas pipeline between PNG and Australia was scrapped because of spiralling costs.