ExxonMobil now Nasfund major lessee

Business, Main Stories


EXXONMobil  has booked most of the properties being leased out by national superannuation fund, Nasfund, through  its real estate business arm.
Majority of these office and apartment spaces are in buildings that have been constructed at Harbour City in Konedobu, Port Moresby, according to Nasfund joint executive Ian Tarutia.
While ExxonMobil, operator of the PNG liquefied natural gas (LNG) project leads the lessee tally, other players in the US$15 billion (K40 billion) project would also occupy some of the buildings in the area.
Mr  Tarutia said the property developments, mostly located at the Harbour City, had all been pre-listed to customers and ExxonMobil was the major customer.
Construction in progress was on Harbour City’s Ravalien Haus, Sol Wara and the Investment Promotion Authority Haus.
The Edge is set for construction next year.
“The property development is being built to meet the players involved in the LNG project.
“ExxonMobil has taken up most of our developments … the buildings, all at Harbour City, have been taken up by Exxon Mobil,” Mr Tarutia said yesterday when he revealed Nasfund’s operations for the 2009 financial year.
He also said ExxonMobil currently located at Credit Corp building in town would be relocated to the yet-to-be completed building next month at Konedobu called the Factory, just off the Sir Hubert Murray stadium.
“That is our participation in the LNG project … (We are) putting up buildings to house the players that are going to be involved in the LNG project, the main one being Exxon Mobil.
“So in short all the buildings we have been engaged in … all the construction that we have done have in fact being pre-list … so, as soon as they are completed tenants (will) move in and we start earning rental,” he said.