Wednesday, May 30, 2012

Polye: Chevron is returning to PNG

CHEVRON Niugini, one of the United States’ petroleum and gas giants, is returning to PNG to partner with InterOil to develop the second Gulf LNG project, Treasury minister Don Pomb Polye has revealed, The National reports.
He said he met with the representatives of Chevron Niugini yesterday who were here to look at the InterOil Gulf LNG project.
Chevron Niugini was the company that developed Kutubu Oil before selling the project to Oil Search in the 1990s.
Polye said Chevron’s comeback to partner to develop the second largest LNG project in the country was a positive assurance of investor confidence.
He said it was the government’s decision as per the agreement signed between the state and InterOil that renowned or creditable investors would have to be a partner to develop the Gulf LNG project because Interoil was a small company with no experience in the industry.
Therefore, he said the government was not behind any company but wanted a reputable and experienced industry player in the world to develop such a big project and to finish it without delay.
He said there were exciting times ahead for PNG because the currency was appreciating well against the US dollar and the Australian dollar.
He said his prediction of 8.7% GDP has gone up to 9.2%, a strong growth that was healthy for the country.
Polye said as the treasurer, he wanted to see the government manage the economy of the country well and spend funds according to the budget

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