Firm signs LNG deal

 THE National Petroleum Company Papua New Guinea (NPCP) has signed an agreement with a Japanese company to develop liquefied natural gas (LNG) marketing in the country.

The memorandum of understanding (MoU) signed yesterday between NPCP and LNG Japan Corporation will allow development of marketing, sale and transportation strategies of LNG through a possible joint marketing venture between the two companies.

NPCP managing director Wapu Sonk said the arrangement was a significant milestone for the company as it (NPCP) looks to venture into marketing and shipping opportunities.

“This MoU arrangement once off the ground will enable NPCP and LNG Japan to collaborate and look for opportunities to market LNG and other petroleum products as and when the opportunities arise,” Sonk said.

LNG Japan chief operating officer Toshiki Miyazawa said with their expertise in the industry, LNG Japan would contribute to progress of the industry in the country.

“Historically Japan relies heavily on Asia Pacific countries on the supply of LNG and PNG is an important country in terms of energy supply to Japan.

“We can assure that our experiences can contribute to this country too.

“We were always working for a national company under the Government in maximising profit for the people or the Government of host countries. Of course it is important to have a national company as operator to develop the project, but at the same time involvement of the Government plays a very significant role for the LNG development. 

“Today’s (yesterday) signing is a big step and based on this memorial event we would like to make efforts in working in other projects in the future and we’d like to work together with PNG with your team’s guidance and help.”