06-18-2012, 05:48 PM
The resources are in PNG. Can the coffer raiding by the political ruling class be ended?
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Bai sees big vision for Petromin
By Online Editor
5:20 pm GMT+12, 18/06/2012, Papua New Guinea
Papua New Guinea’s oil, gas and mining company Petromin Holdings Ltd (Petromin) will one day become like Petronas of Malaysia.
Petromin Chairman Brown Bai said: “I want Petromin become like Petronas in the next 15 to 20 years.”
Bai when responding to Post- Courier’s queries on where he wants to see Petromin in the next 15 to 20 years as a mining, oil and gas company said, “its my vision that Petromin will one day become like Petronas,”.
Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on August 17, 1974. Wholly owned by the government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. Petronas is ranked among fortune global 500's largest corporations in the world. Fortune ranks Petronas as the 95th largest company in the world in 2008 and 80th largest in 2009. It also ranks Petronas as the 13th most profitable company in the world and the most profitable in Asia.
“I want this company (Petromin) to be successful for the benefit of Papua New Guinea. It’s a trully and nationally owned Papua New Guinea’s mining and Petroleum Company.
The concept in which Petromin was set up by the then Prime minister Sir Michael was from the same concept Petronas was set up.
The Chairman said the way things are done at Petromin currently is focusing on becoming Papua New Guinea’s major mining and Petroleum Company.
The accountable and transplant manners in which the board and management conduct the business FOR Petromin is a path to becoming like Petronas in the next few years to come.
Envisioning the future of Petromin under Bai as the Chairman, significant progress was made in creating strategic alliances with world class operators in the petroleum and mineral industries.
“With a strong focus on LNG developments within our Petroleum Division, Petromin was especially proud of attracting Royal Dutch Shell as a strategic partner. Under an Alliance Agreement, Shell is providing assistance for Petromin’s assessment of potential oil and gas areas, yet to be thoroughly surveyed. As the world’s largest LNG producer and marketer, Shell brings to Petromin cutting edge technology and skills. We hope that by working together the exploration of new prospective fields will be accelerated. Shell will also provide valuable training opportunities for Petromin staff,” he said.
Bai said that creating close relationships with leading world class companies also extends to Petromin’s mining business.
In the case of Yandera, Petromin and Marengo Mining have signed a Cooperation Agreement under which, without any financial commitment, Petromin will be able to participate in the evaluation and design of the Yandera Mine.
“This will build valuable technical expertise amongst Petromin staff. With these benefits in mind, Petromin, Newcrest and Harmony commenced discussions in late 2011 for a similar arrangement whereby Petromin staff will be able to observe and participate in the planning of the Wafi-Golpu Mine.
The alliance with Shell and co-operation arrangements with leading miners mean that Petromin staff gain knowledge and skills of immeasurable value to the Company and the nation,” Bai added.
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Bai sees big vision for Petromin
By Online Editor
5:20 pm GMT+12, 18/06/2012, Papua New Guinea
Papua New Guinea’s oil, gas and mining company Petromin Holdings Ltd (Petromin) will one day become like Petronas of Malaysia.
Petromin Chairman Brown Bai said: “I want Petromin become like Petronas in the next 15 to 20 years.”
Bai when responding to Post- Courier’s queries on where he wants to see Petromin in the next 15 to 20 years as a mining, oil and gas company said, “its my vision that Petromin will one day become like Petronas,”.
Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on August 17, 1974. Wholly owned by the government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. Petronas is ranked among fortune global 500's largest corporations in the world. Fortune ranks Petronas as the 95th largest company in the world in 2008 and 80th largest in 2009. It also ranks Petronas as the 13th most profitable company in the world and the most profitable in Asia.
“I want this company (Petromin) to be successful for the benefit of Papua New Guinea. It’s a trully and nationally owned Papua New Guinea’s mining and Petroleum Company.
The concept in which Petromin was set up by the then Prime minister Sir Michael was from the same concept Petronas was set up.
The Chairman said the way things are done at Petromin currently is focusing on becoming Papua New Guinea’s major mining and Petroleum Company.
The accountable and transplant manners in which the board and management conduct the business FOR Petromin is a path to becoming like Petronas in the next few years to come.
Envisioning the future of Petromin under Bai as the Chairman, significant progress was made in creating strategic alliances with world class operators in the petroleum and mineral industries.
“With a strong focus on LNG developments within our Petroleum Division, Petromin was especially proud of attracting Royal Dutch Shell as a strategic partner. Under an Alliance Agreement, Shell is providing assistance for Petromin’s assessment of potential oil and gas areas, yet to be thoroughly surveyed. As the world’s largest LNG producer and marketer, Shell brings to Petromin cutting edge technology and skills. We hope that by working together the exploration of new prospective fields will be accelerated. Shell will also provide valuable training opportunities for Petromin staff,” he said.
Bai said that creating close relationships with leading world class companies also extends to Petromin’s mining business.
In the case of Yandera, Petromin and Marengo Mining have signed a Cooperation Agreement under which, without any financial commitment, Petromin will be able to participate in the evaluation and design of the Yandera Mine.
“This will build valuable technical expertise amongst Petromin staff. With these benefits in mind, Petromin, Newcrest and Harmony commenced discussions in late 2011 for a similar arrangement whereby Petromin staff will be able to observe and participate in the planning of the Wafi-Golpu Mine.
The alliance with Shell and co-operation arrangements with leading miners mean that Petromin staff gain knowledge and skills of immeasurable value to the Company and the nation,” Bai added.