PM Marape Applauds Sinopec

Prime Minister James Marape has commended China for a positive engagement to expand their country’s ongoing interest in Papua New Guinea’s oil and gas sector, particularly in the upcoming biggest gas projects in Papua LNG and P’nyang.

The PM was speaking from Port Moresby on Sunday 6th January in relation to negotiations between the PNG team and China’s giant petroleum company, Sinopec, held recently in Beijing.

Sinopec is acronym for China Petroleum & Chemical Corporation. It is the biggest supplier of oil and petrochemical products in China, is one of the biggest in the world and listed as a state-owned enterprise.

He also thanked Minister for Petroleum and Energy, Kerenga Kua and Kumul Petroleum Holdings Ltd Managing-Director, Wapu Sonk who led the negotiations on his behalf with the senior vice president of Sinopec.

The meeting discussed PNG’s petroleum sector and Sinopec’s involvement in the upstream and downstream opportunities including the company’s interest to buy LNG from Papua LNG and P’yang Gas.

“I express our deep gratitude to both President Xi Jinping and Premier Li Keqiang for asking Sinopec to meet with our Petroleum Minister and MD Sonk. The meeting turned out very well with Sinopec indicating it would look at buying more gas from Papua LNG, P’nyang and others we may have in the pipeline,” said Prime Minister Marape.

“Our intent for the trip to China was to promote our Government’s move into downstream processing, a message that was received well and supported by Premier Li during my own virtual meeting with him, leading to him committing his government’s full assurance.

“It was unfortunate that the scheduled meeting on Friday with President Xi had to be cancelled due to COVID-19 restrictions, but the meeting with Premier Li on the next day went well and I am grateful.

“I am pleased with the outcome as we look forward to having our own leading petroleum company, Kumul Petroleum Holdings Ltd, partner with Sinopec to progress the discussions into practical solutions for both our countries,” said the Prime Minister.

Sinopec is a foundation LNG buyer of PNG LNG on long-term contract of up to 20 years and with this re-engagement with PNG, it will extend its interest in PNG oil and gas.

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