Petromin Signs MOU

JAPAN is looking at Papua New Guinea as the most promising new supplier to the Japanese LNG (liquefied natural gas) market.
LNG Japan Corp recently signed a memorandum of understanding (MOU) with Petromin PNG Holdings Ltd in Port Moresby to form the basis of a strategic partnership.
Through this partnership as presented by company general manager Yasushi Tashiro, LNG Japan aims to:
*Arrange the necessary funding for Petromin to participate in the LNG projects from its own sources;
*Provide technical advice and enhance the capacity of Petromin to participate in LNG projects;
*Study to identify the project structure to maximise the benefit for PNG;
*Support Petromin in commercialising its share of natural gas, including marketing, LNG transport and project finance;
*Support Petromin’s human resource development; and
*Support professional skills and experiences relating to the development of LNG to be transferred to PNG.
LNG Japan president Kenichi Yonezawa said the company was committed to bringing about the materialisation of the LNG project by utilising their knowledge and experience in the LNG industry for the benefits of PNG.
“We will propose a training programme for the Petromin employees to develop skills, providing opportunities to become acquainted with the companies in LNG industry,” Mr Yonezawa said.
Joshua Kalinoe, Petromin managing director, said the MOU was an outcome of a series of meeting between LNG Japan and Petromin.
He said the company had visited the country and met with a number of Government departments, including Petroleum and
Energy, and upon visiting Petromin, introduced their business and interest of pursuing commercial opportunities with Petromin.
“As a new company, we need strategic partners to, among other things, share information, technology and skills transfer on the back of a commercial relationship,” Mr Kalinoe said.
He said the MOU would give both LNG Japan and Petromin the basis to proceed on any future specific business partnerships, especially in LNG.
He added Japan had the market and well-established infrastructure for LNG with a reserve of investment funds that Petromin hopes to access through strategic partnership arrangements with corporate Japan.