Prime Minister opens landmark Petromin Haus

By MALUM NALU

The K31.9 million Petromin Haus as it looked before opening last Friday.-Pictures by MALUM NALU

Prime Minister Sir Michael Somare says the opening of the landmark K31.9 million Petromin Haus also reflects the successful performance of state-owned Petromin since its inception in early 2007.
He said this last Friday when opening the modern state-of-the-art office complex at 2-Mile in Port Moresby, witnessed by senior ministers, corporate executives and members of the diplomatic corps.

Prime Minister Sir Michael Somare cuts a ribbon to open Petromin Haus flanked by from left Petromin chairman Brown Bai, Treasurer Peter O’Neill, Petromin Minister William Duma, Mining Minister John Pundari and deputy Prime Minister Sam Abal

“I am proud to say that Petromin Haus will accommodate and facilitate the vision for Papua New Guineans to develop capacity and expertise to play a leading role in this fast-growing industry with its huge potential and impact on our national economy,” Sir Michael said.
“I am pleased to be part of this national company that is prepared to take on the country’s modern commercial and international development culture.
“A culture of sophisticated technology, technical language, communication systems, safety and environmental consciousness, good field and industry best practices at world standards and high returns that can come with successful operations.
“Having initiated and established Petromin, my government will continue to maintain firm support for the company in its mission to generate and effect asset acquisitions and investments, and to efficiently manage the state’s interest in designated mineral and petroleum resources.”
Sir Michael said Petromin’s determination was quite evident when, despite criticisms and skepticism, it took the bold step of acquiring Tolukuma gold mine with liabilities and turned it into a sound operating mine within a short period of time.
“Petromin has taken important and decisive moves to invest in exploration activities, including partnering with InterOil Corporation in the Elk/Antelope project as well as other areas with potential for oil, gas and minerals,” he said.
“These include its first-ever exploration license - PPL 345 – for petroleum exploration in the New Ireland Basin and 13 highly-prospective mining tenements in Central, Morobe and Oro provinces.
“As part of Petromin’s innovative approach to investment decisions, I note with keen interest that the company is now pursuing a joint development plan with strategic partners from Republic of South Korea and Norway that is aimed at introducing new and sophisticated technology in floating LNG production, storage and off-loading system (FPSO).
"As a trustee shareholder, I expect these partnerships to be developed in ways that respect each other’s roles and functions so that projects are implemented expeditiously.
“And with the current increase in exploration and mining in the country and your outstanding performance, I would like to see Petromin make a significant commitment to human resource development in this sector.”
Sir Michael urged the Petromin board to consider a significant number of scholarships for young Papua New Guineans in coming years.
"And with the current increase in exploration and mining in the country and your outstanding performance, I would like to see Petromin make a significant commitment to human resource development in this sector,” he said.
“We have many vocational training schools funded by our donor and development partners.
“It makes sense for national companies in this sector to also invest in the training of our trades people as well as specialists.”