A significant Memorandum of Understanding was signed today between PNG Government and Sojitz Corporation of Japan in Port Moresby. The signing comes on the eve of the Japanese Prime Ministerโs visit to PNG.
The MOU is for studies on methanol down streaming in the country.
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Prior to the signing, Sojitz Chief Executive Yoji Sato said the bond between Japan and PNG is on a brighter note to expand the oil and gas industry. Mr Sato thanked the PNG Government for the confidence in allowing them to be part of a growing economy in the region.
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Petroleum and Energy Minister Nixon Duban welcome Sojitz entrance into PNG and says itโs a benchmark investment. โPNG government is ready to provide necessary support including land allocation of the downstream processing plantโ, said Mr Duban.
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The MOU will see Sojitz Corporation administer a pre-feasibility study for ethanol downstream processing of gas. This will see the production of by-products from natural gas fields in the country.
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Sojitz Corporation of Japan is a firm globally engaged in a wide range of businesses and investment.
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