Mitsubishi's gas project

Mitsubishi's gas project

TOKYO (AFP): Japan's Mitsubishi Oil Co. Ltd. is studying a multi-billion dollar project with Chevron Corp. and Mobil Corp. of the United States to extract natural gas in Papua New Guinea, a report said over the weekend.

The project is to build 3,000 kilometer (1,860 mile) pipeline between Papua New Guinea and Australia and start supplying natural gas to Australia in 2001, the Nihon Keizai Shimbun said.

Investment is expected to total between 300-to-400 billion yen (US$2.6 to $3.5 billion), the major economic daily said.