A Memorandum of Agreement was signed betweenthe Gulf Provincial Government andthe new joint venture company Gulf Teras Services Limited.
This is in preparation for the second LNG project in Gulf Province to be operated byInteroil.
Gulf province is one ofthe least developed inthe country butthey hope to see this change withthe coming ofthe new LNG project.
The Gulf provincial Government through its business arm, Gulf Logistics Supply Services entered into a fifty-fifty joint venture agreement with Teras Cargo TransporPNG Limited in Novermber last year and are ready to participate inthe 2nd LNG project.
A new company has been formed through this partnership calledthe Gulf Teras Services Limited.
PNG Regional Manager for Teras Cargo TransporPNG Ltd saidthey were specialised both in marine and onshore logistics and were happy to join forces withthe Gulf Provincial government to participate in this project.
Mr Kavo says he does not want his people to be mere spectators and royalty receivers in this project. They want to participate meaningfully and get maximum benefit fromthe project.
Ruth Rungula, National EMTV news