Papua New Guinea Chamber of Resources & Energy (PNG CORE) congratulates Kumul Petroleum Holdings Limited (KPHL) on its first sale of LNG Cargo on the global spot market.
In congratulating KPHL on this development, PNG CORE says this bodes well for the national oil company.
“The deal by KPHL to sell 144,000 m3 of LNG on Free-On-Board (FOB) terms to PetroChina marks a significant development for PNG’s national oil company, as it is the first time for the national oil company to market their equity share of LNG production from the PNG LNG Project, above the long-term Sales Purchase Agreement volumes.
As the industry peak body for the mineral resources & Energy sectors, PNG CORE is pleased at the progress made by KPHL in securing a deal with PetroChina International Corporation Limited (PetroChina).
The board and management of KPHL are commended for pursuing the sale of LNG on the global spot market, and more so for selecting PetroChina as the preferred buyer through an open tender process.
We wish KPHL every success in its endeavour to market its equity share of LNG production from the PNG LNG Project to leading global markets.”