KPHL Managing Director, Wapu Sonk signing MOU documents with CEO for MRL Capital, Mr Lawrence Rausim.

KPHL signs an MOU with MRL Capital to provide Energy solutions to Lihir

Papua New Guinea’s National Oil and Gas Company (NOC) Kumul Petroleum Holdings Limited (KPHL) is working with the Lihir Landowner Company, MRL Capital to find energy solutions for Lihir Mine and also the Lihir Islanders using natural gas and other energy sources.

A Memorandum of Understating (MOU) was signed yesterday (May 9) between Kumul Petroleum Holdings Limited and MRL Capital Limited, the Lihir landowners company.

The MOU paves the way for KPHL and MRL Capital Ltd to conduct a feasibility study to evaluate power solutions including gas power generation and determine if it is economically viable.

Managing Director of KPHL, Mr Wapu Sonk said as part of its vision to create value and opportunities for PNG and its people, KPHL intends to explore the potential to supply alternate energy solutions in PNG, including supply of liquefied natural gas.

Mr Sonk said, “This MOU is intended to reflect the nature of the commitment and intentions of Kumul Petroleum Holdings Ltd and MRL Capital Ltd in relation to the project. We are excited to take on this initiative especially because it will empower the people of Lihir where one of the largest gold mines in the country has been operating for many years.”

“We hope that we can build from this MOU with MRL Capital to supply LNG and gas fired power solution to the giant Lihir Mine and also supply access electricity to the Lihir community as part of our community obligation programme.”

The CEO of MRL Capital, Mr Lawrence Rausim said MRL Capital Ltd would seek to secure the support of Lihir Gold Limited to participate in assessing available energy solutions, including liquefied natural gas for the Lihir Gold Mine.

Mr Rausim also said MRL Capital Ltd would source co-investors, equity partners, and technical know-how, expertise, and end-user clients for the project.

Mr Rausim said; “This MOU serves to confirm that the two parties are committed to ensuring the success of this project.”

“We are very excited to be partnering with the national oil and gas company (NOC) in this endeavour which we believe will be a transformational project for our people.”

About MRL Capital Ltd

MRL Capital Ltd is the trustee manager of the Lihirians Equity Trust (“Trust”), established in accordance with a Deed of Trust Settlement dated 14 September 1997 and amended by an order of the National Court dated 21 November 2006. The Trust’s mandate is primarily to provide for the long term benefit for its beneficiaries; the people of the Lihir Group of Islands.

About Kumul Petroleum Holdings Limited (KPHL)

KPHL is the State’s nominee for all petroleum developments in PNG and as such has the right to participate in future projects such as the Papua LNG Project. KPHL already holds equity in the country’s foundation LNG project along with other petroleum assets in PNG.  KPHL is mandated to protect and maximize the value of the State’s petroleum assets for its ultimate shareholders – people of Papua New Guinea.