Landowner firm receives higher evaluation rating

Business, Normal

The National, Tuesday 13th December 2011

HIDES Gas Development Co (HGDC) Ltd, the umbrella landowner company of the upstream section of the PNG LNG project, has shown continuous positive growth in its bid to become a leading landowner company. 
This was made known last week when the company received a 2.7 rating from the PNG LNG Institute of Banking and Business Management Enterprise Center, which was also a big improvement from the previous 1.9 rating.
HGDC general manager Richard Champion said the rating from 1.9 in 2009 to 2.7 this year was a big jump and he looked forward to an improved rating by next May.
He said HGDC had come a long way in 18 months from 500 employees to more than 2,000 and with the many challenges the company faced, the improved rating came as a compliment.
The new rating meant that HGDC was growing positively and getting to meet the stringent requirements of ExxonMobil/EHL to become the lead company for landowner companies in Hides PDL-1 & 7, Komo Airfield, Angore PDL-8, Juha PDL-9 and the Kobalu Camp and finally become the fully compliant company.
HGDC chairman Tuguyawini Libe Parindali said he was happy with the improved rating and praised the HGDC management team for working extra hard since the last rating to address the “few gaps” that needed to filled to get the new and improved rating.
He said HGDC should not be compared to other landowner companies as it was operating in a difficult environment.
Parindali said that some of the “ew gaps” could be filled easily if only EPC contractors and PNG LNG project operator ExxonMobil/EHL paid up their dues to HGDC on time.
“As chairman of the company, I am very pleased with the rating of 2.7 given to HGDC and I must commend Richard Champion and his management team and EHL for working extra hard to improve the performance of the company and improve the rating.
“I, as chairman, and my directors must work alongside the management team to further improve the current rating but above all I am pleased that the rating is fair,” Parindali said.
PNG LNG IBBM Enterprise Centre Adviser Brian Kiap Komun said the centre understood that HGDC like all other landowner companies faced many challenges and some challenges were quite unique to the company.
He said HGDC faced among others logistical and social and political pressures.
Komun said HGDC now also had a comprehensive business plan, something which the company lacked during the first grading.
“I see HGDC’s rating improving when we go into another round of rating the companies,” he said.