Corporation, firm seal 10yr tenancy office deal

THE National Gas Corporation (NGC) Ltd in keeping with Government’s policies, has signed a 10-year tenancy agreement with the East New Britain Supermarkets Ltd for an office space at Harbour City, Port Moresby.
NGC executive chairman Alfred Kaiabe said the 10-year tenancy agreement was consistent with the Government’s policy of rural electrification roll-out programme, to have 70 per cent of the country connected with electricity by 2030.
He said NGC under section 179 of the Oil and Gas Act, was to do downstream processing of all gas onshore in the country and to be the domestic gas operator and supplier.
“The National Gas Corporation in so far as downstream processing of all natural gas in Papua New Guinea is concerned, is one of the vehicles to translate that policy,” Kaiabe said.
“Therefore our signing of this tenancy agreement for 10 years is no coincidence because by 2030, there is a government policy called the national electrification roll-out programme (Nerop).
“That policy says that by 2030, 70 per cent of the population must be lit up by power, the energy for development.
“And so when we sign this agreement, it grants us consistency with that Government policy and consistency of where we operate from to translate (that policy).
“There is a connection in what we are doing and the policy of the Government today,” Kaiabe said.
Meanwhile, East New Britain Supermarkets Ltd chairman Ian Tarutia, while welcoming the tenancy agreement also acknowledged NGC for choosing their property to operate from.
“We all know that in the property market at this time, in Port Moresby especially, where there is an oversupply of good commercial properties, you have the choice and option to look at other venues and other properties,” he said.
“I, on behalf of the board and shareholders, want to sincerely thank you for choosing this building to be your office.
“You have articulated well the importance of your work and responsibilities.”