PM invites Sojitz Corp

JAPANESE-OWNED Sojitz Corporation has been invited by Prime Minister James Marape to invest in upstream and downstream processing of liquefied natural gas (LNG) in Papua New Guinea.
Marape made the invitation to Sojitz during a meeting with president and chief executive Masayoshi Fujimoto, and his delegation in Tokyo on Tuesday during his one-day visit to attend the state funeral of former prime minister Shinzo Abe and bilateral meeting with current Prime Minister Fumio Kishida.
Marape, who was accompanied by International Trade and Investment Minister Richard Maru, East Sepik Governor Allan Bird and PNG Ambassador to Japan Samuel Abal, said the Government would make land available for Sojitz to come to PNG in a big way.
He said Sojitz had been wanting to venture into downstream processing of LNG in PNG, as well as go into the upstream sector, and apologised for delays in making this become a reality.
Sojitz group, which has been in PNG since 1963 when it started exporting lumber to Japan, is engaged in a wide range of businesses globally, including manufacturing, selling, importing, and exporting a variety of products, in addition to providing services and investing in diversified businesses, both in Japan and overseas.
The company is interested in becoming involved in the petro-chemical industry in PNG as it already has an agreement with Kumul Petroleum Holdings Ltd (KPHL) to produce ammonia.
Marape said Maru had been tasked with bringing in investors such as Sojitz into PNG and he would be a “one-stop shop” for all foreign investors.
He asked Sojitz for a fresh expression-of-interest which would be fast-tracked by his Government as a matter of urgency.
“Going forward, the Government is keen on KPHL getting more gas for the domestic market, at an affordable process,” he said.
“Sojitz is welcome to partner in downstream processing of gas.
“Papua New Guinea needs to find solutions to the expensive petrol and diesel we are currently importing.
“It is ironic that we produce oil and gas, however, continue to import expensive petroleum products.”
Marape said there were also upstream opportunities on offer for Sojitz.