The PNG LNG FID has been delayed according to Project Finance Internationa (PFI). No reason(s) have been given by Exon mobil. Won't happen as planned for Dec 8. It will not happen before the end of this month. That means, after the end of this month, which could mean Feb or Jan. Look up this site for more details.
( PNG LNG FID delayed
The final investment decision for the US$15bn PNG LNG project that was scheduled for December 8 will now not be made before the end of the month. ExxonMobil did not provide an explanation but it is believed that the ECA funding agreements are still not in place.
The bank debt, however, is progressing better, with some potential lenders to the covered and uncovered tranches of the project debt having their allocations scaled back to some extent. The banking group consists of around 15 MLAs
Comment.
It was known for some time within the inner circles that the FID will not happen until about February 2010. Dec 8 was set to rush through land owner benefits agreements and fool the land owners.
Tangible benefits must be seen in the form of lasting infrastructure, schools, health facilities, agriculture, tourism, sports and religion and art and so on.
Royalties alone is not good enough. The people must be educated about such. Comments welcome
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