The PNG LNG project has been scheduled to make 60 shipMen’s of liquefied natural gas to its investors by the end of this year.
Each shipment costs 50 to 60 million US dollars.
National Petroleum Company PNG Managing Director, Wapu Sonk, said the country should expect the cash flow sometime in June next year.
This news was given at the launch of the NPCP website in Port Moresby.
This website will make available information about the company, its participation in the PNG LNG project, and updates of the LNG project as well.
Board members of NPCP and Minister for State Enterprises, Ben Micah, were at the launching of the website.
The website is a means of disseminating information about the company to the public, investors and shareholders.
The National Petroleum Company of PNG or NPCP is the third largest shareholder in the PNG LNG project.
It was first established in 2008 and was initially called Croton, however, was dismantled by government.
It was re-established in 2013 by the government again.
Similar to Petromin, however, it only ventures into oil and gas businesses.
It is currently working on its first major project to supply electricity in Port Moresby.
All this information will be on the website.
Minister for Public Enterprises, Ben Micah was present to launch the website. He said PNG is sitting on one of the world’s last natural resources and it is important that NPCP is given all the support to grow.
So far, there has been about 6 to 7 shipMen’s of LNG made to various buyers in the Asian region. Each shipment costs 50 to 60 million US dollars. Revenue is expected to flow into the country by June next year.
Hopes are high this revenue will grow and develop businesses and infrastructure throughout the country.
NPCP is one of the major shareholders, and investors have been encouraged to utilize this website to create partnerships in the oil and gas sector, whilst the opportunity lasts.
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