Government backs Petromin on LNG plan

Caption: Petromin chairman Brown Bai (right) making a point to Sir Michael during the meeting last week. – Picture courtesy of Petromin Media

PRIME Minister Sir Michael Somare has said the Government and its agencies will work with Petromin PNG Holdings Ltd in the Elk/Antelope liquefied natural gas (LNG) project, The National reports.

This will be to help Petromin, the Government’s nominee, fund the State’s equity in the project being spearheaded by InterOil Corp.

Sir Michael disclosed these during the Petromin Board meeting in Wewak last where he addressed the meeting as trustee shareholder.

He said he was looking forward to receiving Petromin’s advice on how the State could best fund its equity in the project.

The Prime Minister expressed satisfaction that Petromin had secured the financing of its equity, through its subsidiary Eda Oil Ltd in the Exxon Mobil-led PNG LNG project.

“This indeed gives me more confidence that I have in the board and management in taking on more challenges of similar nature in the future, on the company’s own strength.”

Sir Michael said Petromin has shown positive growth since its inception and he commended the board and management for putting in place an investment strategy which provided the pathway for a planned process of investment.

“It is my hope that one day, Petromin would live up to its expectations of becoming an exploration and development company in the whole value chain of the mineral and petroleum sector.

“It was this main vision that led us to create Petromin,” Sir Michael said.