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Chinese oil execs end fact-finding tour
2004/06/25

By YEHIURA HRIEHWAZI

ONE of the world's largest petroleum companies, China National Petroleum Corporation, has completed a weeklong visit to Papua New Guinea and has committed itself to putting its money onshore.
CNPC president Xu Dakun met with Prime Minister Sir Michael Somare

Sir Michael and Mr Xu having last minute huddle yesterday, marking the end of the Chinese delegation's weeklong visit .

yesterday and expressed that his company is "definitely keen" to invest in a Southern Highlands-to-Sepik gas pipeline project and an integrated methane plant in the southern part of PNG. 
The north-bound pipeline is to supply LNG to the Asian markets out of Wewak.
The project proposals involved capital investments of billions of US dollars. 
In a statement released late yesterday, Sir Michael welcomed the S"very strong intention" shown by CNPC to invest in the PNG petroleum industry.
"I have asked the minister for Petroleum & Energy and his department to share relevant information with the company so they can quickly make their decisions to invest.
"I am pleased to hear from the CNPC delegation that they will study all project proposals, including the pipeline to the north and the integrated methane complex," Sir Michael said.
Sir Michael said the CNPC decision reflects the trust and confidence that multinational investors continue to have in the business environment that the Government has created. 
"This can only be further complemented by the tight fiscal management and political stability that this Government continues to promote," he said.
The CNPC team has been in PNG since May 26, led by their most senior chief executive officer, president Mr Xu. 
His delegation comprised of engineers, geophysicists and project managers. The group paid a courtesy call on the Prime Minister this afternoon.
Some members of the delegation visited the Kutubu, Gobe, and Moran oil fields, while others visited the InterOil drilling operations in the field, as well as the Napa Napa Oil Refinery.
Sir Michael also commended Sir Moi and his department, Oil Search and others involved in making the CNPC visit successful.

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