23 Nov 2006

Merril LynchandCo looking to invest in PNG

11:03 am on 23 November 2006

The international brokerage firm, Merril Lynch & Co, has plans to invest in liquefied natural gas production plants in countries, including Papua New Guinea.

The New York based firm is eyeing up plants around the world as the US and Europe import more of the fuel.

Bloomberg.com reported yesterday the announcement by Richard Jefferis - a Houston-based managing director of Merrill Lynch Commodities Incorporated.

The Post Courier newspaper reports him saying that Merrill Lynch wants to build up its LNG business to take advantage of price differences in trading between natural gas and oil, and between LNG markets in the Atlantic and the Pacific.