Indian mining giant eyes gas investment in PNG

Richard Maru and Wapu Sonk meeting with the Indian investors this week in Port Moresby (Image: Supplied)

An Indian company with decades of experience in mining and energy is looking to invest in Papua New Guinea’s gas sector.

Lloyds Metals & Energy Limited, a major player in India’s metals and mining industry, is exploring opportunities to partner with PNG in future gas projects.

The company, which has been operating for over 50 years, is involved in iron ore mining, sponge iron production, and power generation. It also plans to expand into steel and pellet manufacturing.

Lloyds Metals & Energy Limited Managing Director, Balasubramanian Prabhakaran, this week met with International Trade and Investment Minister, Richard Maru, and Kumul Petroleum Holdings Limited [KPHL], Managing Director Wapu Sonk, to discuss the potential to buy gas from PNG and to develop a new gas project in the country.

“They are also keen to invest in a steel manufacturing plant within the Caution Bay SEZ next to the PNG LNG site that is being developed by the KPHL", Maru said

He added "KPHL has commenced work in establishing a steel fabricating plant at the Caution Bay SEZ which was granted an SEZ License on Monday. Manufacturing steel to supply the requirements of PNG manufacturing industry is an exciting news and it has the full support of the Marape-Rosso Government as it will fully complement the steel fabricating plant that is being established by the KPHL”.

Meantime, Minister Maru extended an invitation to Lloyds Metals & Energy Limited to speak at the upcoming 2nd Papua New Guinea Special Economic Zones Summit that will be hosted in Port Moresby from August 31st – September 3rd.

Other potential investors and Government officials from India are also expected to join them for the Summit to meet potential partners and to explore investment opportunities in PNG.