PETROMIN NEWS

Prime Minister says State Agencies will assist Petromin in Elk/Antelope Project Financing

The Prime Minister Sir Michael Somare said that the State and its agencies will work with Petromin PNG Holdings Ltd to assist the company, as the State Nominee, fund the State’s equity in the Elk/Antelope LNG project.
Speaking to the Board and Management of Petromin, Prime Minister said he was looking forward to receiving Petromin’s advice on how the State can best fund its equity in the Elk/Antelope project.
He said he was pleased that Petromin had secured the financing of its equity in the PNG LNG project through its subsidiary Eda Oil Limited, based on the strength of its balance sheet.
“This indeed gives me more confidence that I have in the Board and management in taking on more challenges of similar nature in the future, on the company’s own strength.”
The Prime Minister, who is also the Trustee Shareholder of Petromin on behalf of the State, said Petromin has shown positive growth since its inception and he commended the board and management for putting in place an investment strategy which provides the pathway for a planned process of investment.
“It is my hope that one day Petromin will live up to its expectations of becoming an exploration and development company in the whole value chain of the mineral and petroleum sector. It was this main vision that led us to create Petromin.”
“ I am encouraged that the Board has taken a very professional and mature approach to managing the affairs of an emerging and dynamic national oil, gas and minerals company. I will continue to monitor your progress with keen interest, even after I leave politics.”
The Prime Minister addressed the Petromin Board in Wewak, Windjammer hotel, Thursday (Feb 24)