Papua New Guinea remains one of the most prospective suppliers of LNG that is strategically located to supply a growing LNG market in the Asian region.
Chief Fuel Transaction Officer & Senior Executive Vice President, JERA Co. Inc, Hiroki Sato, said this today during the Inaugural Petroleum and Energy Summit in Port Moresby.
Sato highlighted the scheduled PNGLNG expansion and the oncoming Papua LNG Projects and said JERA would like to continue its current arrangement with PNG.
“Papua New Guinea is one of the very important supplier for JERA,” said Sato.
“I’m confident Papua New Guinea is one of the most prospective supplier sources in the world. We’d like to strengthen that relationship through the LNG business.
JERA is the biggest buyer of LNG, acquiring an estimated 60 per cent of the worlds supply.
And they currently have a 20 year arrangement with the PNG Government to purchase LNG from PNG which began in 2014.
Sato, during his speech also revealed the growing LNG Market in Asia which is will expand by 2020 with more than 20 buyers entering the market.
PNG is expected to benefit from the growing market base despite the entrance of major LNG projects from Australia and the United States
Meanwhile Sato highlighted three concerns of the organization to PNG one of which he says is a plan on how to expand the global market capacity in PNG.