Investors confident in PNG economy: Sonk

PNG is still an attractive investment opportunity in spite of global energy prices, says Kumul Petroleum Holdings Ltd Managing Director Wapu Sonk.

Sonk made this remarks this afternoon when asked about the investors’ confidence in the country in a media conference in Port Moresby.

He said investors have already adjusted to the changing commodity prices.

“The fact still remains that the commodity prices will not change overnight but will take time to gradually change.

“Investors are beginning to accept the fact that the oil price will not change sooner but will take time.”

However, given the declining commodity prices, Sonk said investors have shown confidence to invest in the country.

He said with more than 450 investors attending the inaugural Petroleum and Energy Summit on Tuesday (Feb28) in Port Moresby shows the kind of confidence the investors have in the oil and gas projects in the country.

He added that the level of interest shown by investors is so massive and overwhelming.

The two day Petroleum and Energy Summit will end on Wednesday.

Prime Minister Peter O’Neill will officially open the summit.

Minister for Petroleum and Energy Nixon Duban will give a key note speech followed by Treasurer Patrick Pruaitch.

Other speakers include Frank M Kramer, Chairman, Kumul Petroleum Holdings Limited, Yuki Sadamitsu, Director, Oil & Gas Division, Ministry of Economy, Trade & Industry (METI) and others.

Freddy Mou