Various spin-offs from 2nd gas plan

THE second liquefied natural gas (LNG) project will provide opportunities for PNG to participate in the full chain of the petroleum business, including shipping, gas-based industries and marketing. 
According to State-owned Petromin PNG Holdings Ltd, the project has provisions for domestic market obligations for third party access. 
“Therefore, the Elk/Antelope LNG project will give more value in terms of downstream processing businesses such as power generation and petrochemical industries,” Petromin managing director Joshua Kalinoe said.
Mr Kalinoe said this last Wednesday shortly after National Government and project developer InterOil Corp signed the project agreement officially concluding that PNG has now two LNG projects underway.
He said it was his first association with the project agreement in his remaining days as Chief Secretary to Government in early 2007 where he chaired the first meeting on the first draft in Cairns, Australia.
Mr Kalinoe thanked InterOil’s chief executive officer and chairman Phil Mulacek, executive director Christian Vinson, InterOil lawyers, Petroleum and Energy Minister William Duma, Acting Chief Secretary, Treasury Secretary, Petroleum and Energy Secretary, the State Solicitor (George Minjihau), and Petromin staff including Henry Leia of the gas facilitation office for making efforts to reach the agreement.
Mr Kalinoe was particularly thankful to Prime Minister Sir Michael Somare. 
 “Without his vision and dedication, we would not have any LNG project at all,” he said of Sir Michael.
Mr Kalinoe revealed how Sir Michael worked the setting up of national vehicle company that would hold the State’s equity as well as involve in exploration and development in the minerals and petroleum sector. 
 “His vision was realised when Parliament created Petromin in early 2007 by enacting the Petromin PNG Holdings Limited Authorisation Act.
“The signing ceremony marks the culmination of your dreams where Papua New Guineans are to fully participate in the development of their resources,” he said.
Mr Kalinoe also said Petromin, together with the project partners, sought the support of political leaders, the executive Government and the respective State entities to realise the second LNG project.