Chairman of the Special Economic Zone Authority, Dr Lawrence Sause, announced today that the SEZA Board had approved the issue of a 12-month provisional developer licence to Kumul Petroleum Holdings Limited, for the development of the Central Province Industrial Park in the Caution Bay area.
In a small ceremony Chairman Sause officially notified Kumul Petroleum managing director, Mr Wapu Sonk, of the decision saying,” We welcome this milestone for Central Province and commend KPHL for taking the lead.”
He advised that this provisional licence would convert to a full Developer Licence after the SEZA received certain financial documentation.
Managing director Sonk noted that, “ We are happy to operate the Central Province Industrial Park as an industrial precinct, close to the existing ExxonMobil operated LNG Plant. We are currently constructing a training academy and steel fabrication facility in the area, an expense of US$145 million as Phase 1 of the development – this will be the foundation industrial development in the SEZ.”
He added, “ the Caution Bay area has all the necessary elements for a successful SEZ – good road access, power and other services, closeness to the sea and an international wharf – suitable for industrial development. The fabrication facility will be complete in 2026 and provide training and employment for an estimated 3000 local people.”
Chairman Sause remarked that it was important that the SEZs already awarded by Government operated effectively and attracted national and international investors, and that that their example would demonstrate the viability of this strategic approach for other potential SEZ areas, in order to leapfrog PNG into value-adding processing of the many natural resources the country was blessed with, activities that would also create employment.
Mr Sonk added,”At Kumul Petroleum we are planning for the future, preparing for greater national content in major development projects – in terms of qualified Papua New Guineans and well as steel fabrication capabilities. We can best achieve this in an SEZ.”
“We thank the Marape/Rosso government for their faith in Kumul Petroleum and their agreement to consider awarding it operatorship of the next SEZ.”
