IPBC praises Petromin over new partnership

 THE Independent Public Business Corporation (IPBC) has commended Petromin PNG Holdings on taking initiative to partner a Philippines based company, Twinza Oil Ltd, to start the first oil offshore project in the country. 

IPBC chairman Paul Nerau said given the current global situation on drop in oil prices, such initiatives still give hope for the country in terms of attracting investments.   

“I am really excited to see Petromin partner with Twinza in this arrangement,” Nerau said.

“Congratulations Petromin – the Kumul mining for taking the initial initiative to be part of this project. I think it really shows your commitment to be supporting projects that are happening in our country and it actually shows.

 “This is an exciting period for the Kumul companies, the new Kumul Consolidation, Kumul Petroleum, Kumul mining, because it’s time to move to the next level in terms of taking initiatives for upstream, midstream and downstream.

“Looking at the local markets for all our requirements, I think it is opportunity for us to place imports into this country. And we can bring confidence into this country.”