PNG Gas could find a bigger Market in India

PNG Gas could find a bigger Market in India

 A growing Indian demand for energy could open a new commercial opportunity for PNG, with New Delhi indicating it wants to source LNG from the country and explore investment in the industry.

The interest was raised publicly in Port Moresby by Indian High Commissioner Rajeev Kumar, who said India was looking at PNG not simply as a trading partner but as a potential long-term supplier of LNG.

Kumar made the announcement during a gathering to mark India’s 80th Independence anniversary, where Prime Minister James Marape, West New Britain Governor Sasindran Muthuvel and other dignitaries were present.

He said India’s purchases from PNG were already well above the value of goods PNG was buying from India.

Bilateral trade for the period ending in March stood at US$689 million, or approximately K3 billion.

PNG’s exports to India accounted for US$616 million, compared with Indian exports of US$73 million.

The resulting trade balance gave PNG a surplus of US$543 million, worth about K2.4 billion.

Kumar said the figures showed there was room for the two countries to expand their economic relationship.

“We can buy even more from PNG.”

LNG, he said, could become an important part of that expansion.

India’s demand for energy is increasing, and Kumar said PNG was well placed to supply the country with gas.

“India is ready to make substantial LNG purchase,” he said.

“India has a rising appetite for energy, especially LNG, which PNG has in abundance.”

The High Commissioner revealed that he had already made contact with ExxonMobil PNG Limited managing director and chairman Dinesh Sivasamboo over India’s interest.

He also said Indian interests were prepared to consider investment in PNG’s LNG sector rather than limit their involvement to purchasing the commodity.

“India is not only prepared to buy LNG in bulk but also to invest in the sector. Prime Minister (Marape) just give us a chance.”

Kumar also used the occasion to recognise the role played by the Indian community in PNG.

About 4,000 Indians live in the country, contributing to commerce, community activities, humanitarian work and cultural exchange, he said.

He further observed that PNG had produced a strong presence of Indian business leaders, drawing comparisons with Indian-origin executives heading major international companies.

“Google has Sundar Pichai (CEO), PNG’s Datec has Preetam Talukdar (CEO).”

He added: “While Microsoft has Satya Nadella (chairman and CEO), PNG Digitec has Satyen Singh (CEO).”

“Sometimes I wonder whether PNG’s Indian CEOs might one day outnumber those in the United States.”

Marape said the relationship between PNG and India was supported by common values, including democratic principles and the idea of unity despite diversity.