PNG LNG Project Sanction
The PNG LNG Project has been sanctioned by the partners on Tuesday Dec 10 2009 in which Petromin was a signatory to this very important decision.
The Managing Director and CEO of Petromin has extended his congratulations and thanks to the support and direction of the Board as well as the support and dedication of all Petromin commercial, legal and technical staff who dedicated their time and energy towards this important decision on the documentation of the PNG LNG project.
“ The next challenge is for us to work with the project partners under the project leader Exxon Mobil to deliver the project on time,” Mr Kalinoe said.
Petromin PNG Holdings Limited has 0.2% stake in the PNG LNG project.
Petromin has already contributed about US$3 million (K8 million) towards the PNG LNG project.
Mr Kalinoe states that Petromin’s total contribution to the PNG LNG project will be an estimated over USD$10 million for the 0.2% equity, as calculations are continuing.