Tripartite MoU with focus to develop Gulf

A tripartite Memorandum of Understanding signed recently paves way for new business opportunities in the Gulf Province.

Gulf Papua Energy Limited, BNG Trading Company Limited and APEK Resources Development and Freight Services Limited from the Baimuru LLG put ink on paper to give birth to a consortium called Koine Logistics Operating Waterways Limited (KLOW). 

All three parties will hold 33.3 percent ownership operating as Koine Logistics Operating Waterways.

The joint venture will provide waterway access, freight and other logistical services needed for Papua LNG, with the potential to support additional developments in Gulf Province.

BNG will act as the operating company through Blue Planet Logistics Limited, responsible for the consortium’s business management and operational affairs.

According to BNG Executive Chairman John Wallace, the MoU now allows the consortium to present to Exxon Mobil, prior to the official announcement next month, December.

“KLOW combines local ownership with proven operating capability, ensuring that the Papua LNG Project is supported by the communities that live along its routes,” Wallace said.

“Working together, I think we have a lot of opportunities and I think our timing is very good. Our timing will give us the chance now to present to Exxon before the announcement in December.”

“Our work is to begin to get our entity in order so we can start engaging with our project at the earlier stages.”

APEK Chairman Steven Ravi described the agreement as a massive opportunity for landowners and communities in Baimuru.

“The Papua LNG Project cannot progress its major development operations without access to the project site.”

Our river system is the primary access route to this major project, and the agreement signed gives land and waterways owners a special privilege and opportunity,” Ravi said.

Gulf Papua Energy Limited Executive Chairman Rendle Rimua said the agreement marks the beginning of a partnership, which also ensures that the Papua LNG Project is supported by the communities that live along its routes.

He praised APEK for joining forces with BNG, noting the company’s extensive experience in PNG.