Gas-oriented local firms ‘must seek opportunities’

Business, Main Stories

The National – Monday, January 31, 2011

LANDOWNERS at the liquefied natural gas (LNG) project areas should use the limited opportunities they have, the head of an umbrella company said.
Kewapa Development Corp chairman Ega Yale said in Lae last Thursday the LNG landowner companies must use whatever resources they have to seriously participate in the LNG project.
The KDC is owned by 15 major clans within petroleum development licence (PDL) 1 and PDL 7.
KDC bought two new trucks for the LNG project sites.
Yale said they bought the trucks with part of the seed capital they recently received from the national government through the Department of Commerce and Industry.
“The delivery of the trucks marked a very significant chapter in the life of the company as this showed the company was formally participating in the LNG project,” he said.
He said the acquisition also showed to the shareholders and developers that the company would not “just sit around and expect to reap the rewards the LNG project but work hard.
“We have to participate in the LNG project so as to maximise the company’s profits, which will eventually be distributed to its shareholders,” he said.
“The company has been operating for eight years and the board is committed to exploring other opportunities within the project, either through the developer or the umbrella company,” he said.
Yale thanked ExxonMobil and the government for enabling landowner companies to secure contracts with the gas development ventures.