The value for each LNG shipment from the country’s PNG LNG Project costs US$50 million (K119.1 million) to US$60 (K143.9 million), National Petroleum Company PNG managing director Wapu Sonk said.
So far, ExxonMobil PNG Ltd had shipped 12 LNG cargoes to sell on the spot market to customers in Asia.
Sonk said “the shipments of the cargoes were destined for different destinations including Taiwan, China and Japan.”
“By end of this year, we should have about sixty cargoes, roughly,” he said.
In the past two months, traders said the PNG LNG project was expected to export around 20 cargoes during the project’s start-up phase lasting until September.
Sonk said revenue derived from the first shipments was kept in a trapped account until an audit on the project’s construction phase was completed.
The account was initially set up by the project partners.
“The revenue is now kept in that account … a thorough audit will be carried out on the project itself – looking at the environment, the social conditions, audit the joint venture partners, technical conditions.”
PORT MORESBY, (THE NATIONAL)