Landowners are free to participate in the new gas-fired power station, launched recently outside of Port Moresby.
The project, developed by NiuPower, a joint venture between Kumul Petroleum Holdings Limited and Oil Search, is expected to utilise gas from the PNG LNG Plant to provide 57.8 megawatts of additional power into the Port Moresby Electricity Grid.
In a statement today, Chairman of NiuPower Holdings, Wapu Sonk has left the door open for landowner participation through Mineral Resources Development Company, MRDC.
“NiuPower has always been keen to bring in additional equity partners. Of course, any equity participation must be on commercial terms consistent with the terms agreed between NiuPower and PPL. Otherwise, there will be substantial increases in the cost of power to PPL and its customers.
This offer remains open and NiuPower is awaiting engagement from MRDC to discuss the commercial terms for equity participation. We, therefore, urge landowners to work constructively with MRDC to achieve their participation.in this milestone power project.”
Mr Sonk added that following the establishment of the Port Moresby Power Station, generation requirements for the National Capital District will be covered for a number of years.
“With the creation of NiuPower and the development of the gas-fired Port Moresby Power Station, Kumul Petroleum and Oil Search directly contribute to the Government’s energy objectives of electrifying 70 per cent of PNG by 2030 – today estimated at around 10 per cent.
“We recognise that electrifying PNG is a development game-changer that will improve the lives of our people in line with Vision 2050,” Mr Sonk said.