In a news report on 19aug02, Oil Search managing director Peter Botten said “it appeared the federal Government was becoming increasingly aware of the need to introduce large volumes of gas to southern and eastern states so gas prices could be competitive.” He also raised the issue of political risk as a question to be taken up with the federal Government. But also in this news item was this reference. “Japanese giant Itochu has conducted due diligence on the project and its report will be considered as a matter of urgency by the new administration. “
Since then on Sunday, Sir Michael Samare believes the PNG-Queensland gas pipeline will go ahead, after briefings from a Japanese consortium he says is interested in taking part. "And it looks very good, very attractive, that that project is a goer, yes," Sir Michael said.
Followed by premier Beattie saying “he has also spoken to the Japanese company and is hopeful the project, linking PNG's Highlands with Queensland, will succeed.”
So it is reasonable to assume it is Japanese giant Itochu “who is interested in taking part”. From their website we find this relevant information. “In Australia, we are involved in a partnership with MIM Holdings, Ltd., a major local mining company, producing 15 millions tons annually of coal for shipment to Japanese steel and power companies. ITOCHU is also part of an iron-ore project at Mount Newman, producing 70 million tons annually, and is active in alumina production. “
cheers ....... denny
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