Papua New Guinea signaled on Sunday it was backing a previously agreed liquefied...
FILE PHOTO: A logo for oil giant Total is seen at a petrol station in London February 12, 2008. REUTERS/Stephen Hird/File Photo
MELBOURNE - Papua New Guinea signaled on Sunday it was backing a previously agreed liquefied natural gas deal with French oil major Total SA TOTFPA>, although it said that some terms still needed negotiating. The deal, for a project called Papua LNG, was agreed in April but put up for review after the prime minister who signed it was ousted in a parliamentary vote in May, following a political crisis caused by discontent over the distribution of resource riches.
On Sunday, Petroleum Minister Kerenga Kua, who was appointed to the portfolio in June by new Prime Minister James Marape, said his government “in principle” stood behind the project.
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