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.
Showing posts with label Petroleum. Show all posts
Showing posts with label Petroleum. Show all posts
Monday, October 22, 2007
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.
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.
Petromin acquires Eda Oil for K40m
Eda Oil Ltd, formerly the subsidiary of the Mineral Resource Development Corporation has been transferred along with its assets to Petromin PNG Holdings.
This was Petromin’s first business transaction since its inception.
Eda Oil Ltd holds 20.5% of the State’s interest in the PDL 5 Moran petroleum project in Southern Highlands with a total asset value of more than K270 million.
Petromin chairman Brown Bai said the transfer was a milestone for the company and was the first of many commercial transactions for Petromin as it builds its asset base to deliver its mandate.
“We have truly begun this process with the acquisition of the State’s interest in the Moran project through the purchase of Eda Oil Ltd and I want to assure our stakeholders that we will add value to this asset,” Mr Bai said.
Mr Bai stressed that while Petromin, through its Act, was entitled to acquire State assets in current and future mining and petroleum projects, the company had no special protection from the State with respect to exercising the State’s option to participate in any projects.
In officiating at the transfer, Prime Minister Sir Michael Somare praised both MRDC and Petromin for successfully concluding the transfer, consistent with the intentions of government to have all State owned assets in mining and petroleum held by Petromin.
“ The successful acquisition of Eda Oil Limited by Petromin for a total consideration of K40m gives me the satisfaction that the State-owned companies can work together in achieving objectives of their shareholders, the people of PNG.”
Sir Michael reflected back on the sale of Orogen Mineral Ltd which, he noted, was “ruthlessly sold for a few pennies” in 2002 and as such Papua New Guineans have remained rent collectors.
“And that’s the ugly face of complete privatisation – ownership and revenue gains are not maximised and transparency and fairness on the value of our resources cannot be guaranteed.”
This was Petromin’s first business transaction since its inception.
Eda Oil Ltd holds 20.5% of the State’s interest in the PDL 5 Moran petroleum project in Southern Highlands with a total asset value of more than K270 million.
Petromin chairman Brown Bai said the transfer was a milestone for the company and was the first of many commercial transactions for Petromin as it builds its asset base to deliver its mandate.
“We have truly begun this process with the acquisition of the State’s interest in the Moran project through the purchase of Eda Oil Ltd and I want to assure our stakeholders that we will add value to this asset,” Mr Bai said.
Mr Bai stressed that while Petromin, through its Act, was entitled to acquire State assets in current and future mining and petroleum projects, the company had no special protection from the State with respect to exercising the State’s option to participate in any projects.
In officiating at the transfer, Prime Minister Sir Michael Somare praised both MRDC and Petromin for successfully concluding the transfer, consistent with the intentions of government to have all State owned assets in mining and petroleum held by Petromin.
“ The successful acquisition of Eda Oil Limited by Petromin for a total consideration of K40m gives me the satisfaction that the State-owned companies can work together in achieving objectives of their shareholders, the people of PNG.”
Sir Michael reflected back on the sale of Orogen Mineral Ltd which, he noted, was “ruthlessly sold for a few pennies” in 2002 and as such Papua New Guineans have remained rent collectors.
“And that’s the ugly face of complete privatisation – ownership and revenue gains are not maximised and transparency and fairness on the value of our resources cannot be guaranteed.”
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