Credit Agricole, opens new tab said on Monday that it would not provide financing to two major liquefied natural gas (LNG) projects, citing commitments to refrain from new fossil fuel developments.
Petroleum Minister Jimmy Maladina said the French energy giant was "very comfortable" about securing funding for the roughly US$12 billion Papua LNG project, despite European banks increased reluctance to fund new fossil fuel projects.
Maholopa Laveil | East Asia Forum eastasiaforum.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eastasiaforum.org Daily Mail and Mail on Sunday newspapers.
The government's efforts to increase state equity in domestic resource projects may constrain long-term development in PNG, writes Maholopa Laveil (Lowy Institute).