The country’s re-established, National Petroleum CompanPNG is tagged at a value of twenty billion kina entity and that’s notthe end.
This was announced atthe swearing in ceremony ofthe board members ofthe company in Port Moresby last Friday.
Formerly known as Kroton, it will managethe country’s sixteen point five seven per cent (16.57%) equity inthe LNG project.
This company was nominated in 2009 to managethe state’s equity in all petroleum projects, more onthe LNG project.
With a name change from Kroton tothe National Petroleum CompanPNG in 2010, State Enterprise Minister Ben Micah said he wants to see this company made into a multi-billion kina company to be owned by landowners.
He believes this company will play an important role to puPNG onthe world map.
Minister Micah saysthe company is now valued at twenty billion kina and urgedthe new board to recognizethe value of petroleum resources in PNG before striking deals with international companies.
Apart from managingthe state’s equity of sixteen point five seven per cent (16.57%) inthPNG LNG project,the company is expected to take overthe management of all state equities of ther oil and gas projects.
Acting NPCP Managing Director, Wapu Sonk says at present,the state only owns eleven point five per cent (11.5%) equity inthe Moran Oil project in Southern Highlands while its equities inthe Kutubu and Gobe projects were traded with IPIC to pay for the state’s share inthe LNG project.
This eleven point five per cent (11.5%) equity is being managed by Eda Oil through Petromin.
Newly sworn in board chairman, Frank Kramer said if this company is built into a prosperous petroleum company and if allowed to grow, it will bethe leader inthe hydrocarbon industry in PNG
NPCP is hundred per cenPNG owned.
Caption: New Beard Members sworn in.
Ruth Rungula, National EMTV News