PNG National Oil Co, LNG Japan Sign MoU

The National Petroleum Company Papua New Guinea (NPCP) has signed an LNG MoU with LNG Japan Corporation, NPCP announced Tuesday.

The two companies intend to develop the marketing, sale and transportation of LNG through a possible marketing and shipping joint venture arrangement.  

“This MoU arrangement, once off the ground will enable NPCP and LNG Japan to collaborate and look for opportunities to market LNG and other petroleum products as and when the opportunities arise,” NPCP Managing Director Wapu Sonk said.  

NPCP will develop in-house training and start exposing its employees through this relationship, Sonk said.  The state owned firm holds 16.5 percent equity in the Papua New Guinea LNG project.

Established in 2001 by Sumitomo Corp. and Sojitz Corp, LNG Japan Corp. is an energy trading house taking strategic initiatives in the LNG business.