FID to be signed in New York

National, Normal

A DELEGATION of politicians and landowner leaders involved in the PNG LNG project will fly to the United States today for the signing of the final investment decision (FID) on the project.
The FID is to take place in New York by the project proponents and financiers.
The US$17 billion project is to be financed largely through loans (on a 70:30 basis) and the nod by the bankers is crucial.
The FID in New York follows the project sanction inauguration this week at Parliament House, which basically gave the green light for the project to go ahead.
With the major contracts awarded and sales and purchase agreements sealed, work will commence after the New York signing.
The Highlands Highway is expected to undergo a major facelift, with the Americans bringing in at least 20 bridges to rebuild or replace old ones.
Tari will be the focus of global attention as ExxonMobil gets to work to build infrastructure to get the gas from Mt Gigira, Kutubu, Gobe and Juha to flow through a pipeline to portion 152 in Central province.
First gas sales are expected in 2014.