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PNG welcomes Japan Oil and Gas company

Staff Reporter | 4:55 PM | |
PNG Prime Minister Peter O’Neill has welcomed Japan’s JX Nippon Oil and Gas Company’s interest to expand investment in the country’s resource sector.
This followed a courtesy call by JX Nippon’s vice-president Hironori Wasada to the Parliament House on Wednesday.
O’Neill reaffirmed the Government’s support for the company to pursue investment opportunities and expand operations that employ Papua New Guineans.
JX Nippon is one of the co- ventures in the US$19 billion (K50bn) PNG LNG project with a 4.9 per cent stake.
O’Neill said: “JX Nippon is a long-term investment partner of our nation and we look forward to this relationship continuing.
“The Government of Papua New Guinea values investment in the oil and gas sector by JX Nippon and other Japanese investors.
“JX Nippon’s has expressed a desire to expand its operations in Papua New Guinea, particularly in the Elk Antelope LNG project and the development of the third LNG train.
“We look forward to JX Nippon building its relationship with the National Petroleum Company of Papua New Guinea and drawing on their collective strengths in the development of the oil and gas sector.”
Wasada’s visit followed an earlier meeting between the Prime Minister and President of JX Nippon in Japan last month during the 7th Pacific Islands Leaders Meeting (PALM 7).
O’Neill had said in Tokyo, Japan during a press conference that:  “Japan is one of the global leading economy and one of the leading investors anywhere in the world.” The National