Deals signed to boost investment

The National Business

TWO memoranda of understanding to boost development and foreign investment in the country have been signed by the Gulf government and the Kumul Consolidated Holdings (KCH).
They are the:

  • establishment of the Kumul Shipping Corporation, owned by KCH to allow an export market for hydrocarbon, liquefied natural gas and oil and gas support services to generate, revenue and,
  • development of the Purari Hydro project, with the KCH to lead talks in bringing in a developer.

Gulf Governor Chris Haiveta said last Friday that the province was ready to welcome genuine investors.
The province would provide support in terms of land and mobilising the people to provide space for the project.
“The province will work closely with KCH to make sure that the MoUs progress and come to fruition,” Haiveta said.
He said there were also other resources projects in the pipeline for the province. State Enterprise Minister Sasindran Muthuvel said the KCH had started looking for investors in the Purari Hydro project.
Some interest has been shown already.
It has also been working with the PNG Sustainable Development Programme and the Gulf government.
Muthuvel said the project could produce 200 to 600 megawatts of power. He said projects in the pipeline should be finalised to generate revenue for the province and nation through the shipping of LNG.
Petroleum and Energy Minister Kerenga Kua said the challenge for the Government was to work with developers and investors and push the projects into operation.
Kua said the Government wanted to bring in new projects.