Port Moresby, 17 April 2024 – Kumul Petroleum Holdings Limited today announced that for the first time it was directly marketing Liquified Natural Gas on the ‘spot’ market from its share of product from the PNG LNG Gas Project that was not committed to long term sales agreements.
Confirmed last month, the deal is to sell 144,000 m3 of LNG on FOB terms to PetroChina International Corporation Limited after a tender process held in February. The Wudang is currently at the PNG LNG Project wharf at Caution Bay being loaded.
KPHL managing director Wapu Sonk said, “Today marks a important milestone for our company, it is the first time for Kumul Petroleum to market our equity share of LNG production from the PNG LNG Project, that is above the long-term Sales Purchase Agreement volumes.”
“Kumul Petroleum has a 16.77% share in the PNG LNG Project and this entitles us to sell approximately 14 LNG cargoes over the next 4 years. Also, once we conclude the acquisition of an additional 2.6% of the PNG LNG Project, this will provide us with more LNG to sell on the spot market.”
“Kumul Petroleum direct selling its share of the PNG LNG Project production is a significant acheivement for the company and the country.” Mr. Sonk said.
“We are currently in talks with other potential buyers who will be purchasing LNG shipments from us in the future.”
