11 Nov 2005

Italian hydrocarbons company plans PNG investment

10:34 am on 11 November 2005

An Italian-based company, Mediterranean Oil and Gas, which plans to invest millions of dollars in Papua New Guinea, says onshore investments will move the country forward.

Their plans are in line with the Government's strategy to add value to local resources before they are exported overseas or used locally.

A director of the company says the operation will utilise leftover gas from the Papua New Guinea to Queensland, gas pipeline project.

He says the company plans factories for gas, fuel, ammonia and urea fertilisers, a high density polyethylene pellet plant and two natural gas units.