President of the PNG Chamber of Resources and Energy (CORE), Anthony Smare, has extended his gratitude to the over 1,000 attendees of the 17th PNG Resources and Energy Investment Conference.
The 17th PNG Resources and Energy Investment Conference, hosted at the Sydney International Convention Centre from December 10th-13th, attracted over 1,000 attendees from the PNG and Australian governments, project developers in PNG, investors, global financial institutions and state agencies.
The conference was hosted by the industry body representing the mineral resources and energy industries in PNG, the recently renamed PNG Chamber of Resources and Energy. It was formerly known as the PNG Chamber of Mines and Petroleum.
With the recent conclusion of PNG’s premier investment conference and exhibition, Chamber president, Smare, said: “We appreciate your attendance at this conference to help promote investment in PNG and to discuss and share opportunities to collaborate to advance our mutual interests, with the ultimate aim of moving our country forward, both economically and socially.
“This is PNG’s major investment conference. Its purpose is to promote PNG as an investment destination, particularly in the resources and energy sector, which accounts for around 90 percent of the country’s exports.
“PNG CORE works very closely with the national government, particularly in the last few years with Prime Minister Marape’s government, and using the conference and the exhibition to promote the government agenda and government policies, the investment opportunities, and opportunities for trade in PNG with PNG companies and PNG with projects, and generally to promote Papua New Guinea’s attractiveness as an investment destination.”
Smare further explained that the conference is traditionally held in Sydney primarily because of the ease of access of international attendees and investors to travel to Sydney, compared to traveling to Port Moresby or other locations. It also due to the historical significance of Australia as an important source of investment into PNG.
Apart from successfully attracting and promoting investment opportunities, a significant amount of business is also conducted on the margins of the conference. For instance, this year, on the sidelines of the conference, the Mineral Resources Development Corporation and an ExxonMobil subsidiary signed a jet fuel technical services agreement. This agreement will help to increase the reliability of jet fuel supply in PNG.
Additionally, a new a new joint-venture company, called Hebamo Transport, was created on Tuesday, December 12th, to focus specifically on logistical support to the resource industry. This came into fruition following the signing of a Memorandum of Understanding between landowner company, Laba Holdings Limited, and Steamships Trading Company Limited.