Business News

PNG Power partnership with LR Group Limited

 

The negotiations are with an Israeli company, LR Group Limited, which specialises in infrastructure development, particularly in the developing world.

 

 

 

NEC has approved the creation of a special-purpose company, Port Moresby Power Limited, to be 100 percent owned within PNG Power. It will hold the city’s power generation assets.

 

The negotiations with LR Group will be to form a 50:50 joint venture management company with PMPL Limited to manage the generation assets. This company would become the second independent power supplier to the city, after the Kanudi diesel plant. The National Executive Council has authorised negotiations for private-sector participation in electricity generation for Port Moresby.

 

 

 

An initial investment proposal is being considered by NEC, if no agreement is reached, tenders for the management of the generation assets will be called.

 

 

NEC expects that all relevant PNG Power staff will be transferred to Port Moresby Power Limited on current terms, and staffing issues will be one of the assessment criteria for potential investors.

 

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