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  • turn224 turn224 Mar 24, 2013 9:50 PM Flag

    HERE WE GO!!!

    Investors assured of LNG

    By ISAAC NICHOLAS

    The Japanese government has been given the assurance that the PNG LNG project is on schedule with the first sale of gas by next year.
    Prime Minister Peter O’Neill gave that assurance to more than 27 major Japanese companies at separate meetings with business individuals and organisations during his official State visit to Japan on Friday and Saturday.
    “We are also delighted with the growing investments by Japanese corporate citizens in many of our resource sectors.
    “The latest being in the PNG’s First LNG project.”
    Prime Minister O’Neill during his welcome reception hosted by the Japan-PNG Parliamentary League and Japan-PNG Association took the opportunity to thank JX Nippon Oil and Gas Exploration, Osaka Gas Company and Tokyo Electric Power Company for their decisions to invest in this very strategic project.
    “This clearly demonstrates the confidences that Japanese Corporate community has for PNG. So in a substantial way, Japan is playing a role in the development of a project that will change the landscape of our economy as well as generate substantial revenue inflow for the national government to improve living standards of our people.”
    “Papua New Guinea’s relation with Japan remains one of the most valued one and I am confident about the prospects for greater partnership in many domestic and international issues”
    Prime Minister O’Neill said the Asian investments have been below that of investment from Australia, North America and Europe mainly in mining and more recently oil and gas but the LNG development of changing that landscape significantly.
    “Japan is the world’s largest LNG importer by volume, and in 2015 Papua New Guinea will help with your demand.”
    “I know Japan recognises that with the resource endowments of PNG, coupled with your strategic location and proximity to Japan, PNG is well positioned as an up and coming strategic supplier of Japan’s long term energy needs, particularly oil and gas- but also in minerals, agriculture and forestry production.”
    Prime Minister O’Neill encouraged Japan’s multi-national corporations and private investors involved in the energy sector, together with the State and private funding institutions, to focus on PNG as a destination for investment.
    Prime Minister O’Neill during his one-on-one meeting with his Japanese counterpart Shinzo Abe also acknowledged the increasing number of Japanese companies involved or are interested in expanding the PNG LNG sector and both leaders agreed to ensure a high level of cooperation in this sector.
    Mr O’Neill informed his counterpart that the PNG Government was committed to bring to production the second LNG project (Elk-Antelope) in PNG’s Gulf Province and other potential additional projects in the country and welcomed interested Japanese companies to invest in these projects.

    Sentiment: Strong Buy

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