9 Sep 2008

PNG Government Minister visits Abu Dhabi to secure funding for giant gas project

3:14 pm on 9 September 2008

The Papua New Guinea Government is seeking interest around the world as it tries to secure funding for its share of the ten billion dollar liquefied natural gas project.

An international consortium is to develop the resource in Southern Highlands with the PNG Government taking a 19.4 percent stake.

The Post Courier newspaper reports the State Enterprises Minister Arthur Somare and the Independent Public Business Corporation managing director, Glenn Blake, were last week in Abu Dhabi visiting banks.

The Treasury Secretary, Simon Tosali, says Cabinet had also instructed everyone to go out and look for international partners who could fund the Government's equity in the project.

He says the visit to Abu Dhabi was for preliminary discussions and they spoke with six banks there.