PETROMIN NEWS

PETROMIN OPENS SINGAPORE REGIONAL OFFICE

Port Moresby; 20th September, 2010. Papua New Guinea’s national oil, gas and minerals company, Petromin PNG Holding Limited, has opened a regional project coordination and marketing office in Singapore.

The Chairman of the Board of Petromin Mr. Brown Bai, said the decision to open a regional office in Asia is consistent with Petromin’s medium to long term investment strategy.

He said as the National OIL Company (NOC), Petromin is mandated to drive the commercial and other national interests of Papua New Guinea in the minerals and petroleum sector.

“Petromin’s business interests, must be aligned to Papua New Guinea’s commercial and other related national interests which includes our foreign policy of Working the Pacific and Looking North.

“So it makes commercial sense for Petromin to open the office in Singapore which is strategically positioned to facilitate the investment and marketing requirements of the company, not only in Asia but in Europe and the Middle East as well,” Mr. Bai said.

Mr. Bai said, Petromin’s international business partners and other stakeholders, including InterOil Corporation, Pacific LNG and Liquid Niugini Gas, the current partners in the multi-billion Kina Elk/Antelope LNG project, have their regional offices in Singapore as well.

He said the office will be manned by several key local staff, complimented by technical and commercial staff from Petromin who will be seconded from time to time.

“When fully operational, the office will also be used as a training facility, especially to give international exposure to Petromin’s staff,” Mr. Bai said.

The office is located along Robinson Road in the Central Business District (CBD) of Singapore.