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PORT MORESBY, Papua New Guinea (PNG Post-Courier, Aug. 21) - The National Government is set to benefit extremely from exporting its natural resources after its minerals company, Petromin Limited agreed to export liquefied natural gas (LNG) resources to one of the world's leading industrialized nation-Japan.

The mining and petroleum resource company yesterday signed a memorandum of understanding (MOU) with the LNG Japan Corporation in a ceremony believed to earn the Government "substantial revenue" as moves to commercialize natural resources heat up. Petromin managing director Joshua Kalinoe said the signing of the MOU signified the company's strategic aim at forming alliances with key industrial partners overseas.

"As a company, we need strategic partners to -- among other things -- share information, technology and skills transfer on the back of commercial relationship. The MOU gives both LNG Japan and Petromin the basis to proceed on any future specific business partnership, especially in LNG." Mr. Kalinoe said.

Kalinoe maintained that Japan was a potential LNG market and it was only right that Petromin focused heavily on marketing its resources, which is pinned to bring back enormous benefits to the country.

LNG Japan Corporation president and chief executive officer Yonezawa San said that the Japan-based company would be looking at strengthening Petromin's human resource as well as provide technical advice that would put Petromin at a better position to manage itself.

"Our roles include, as described in the MOU, studies of LNG project structure and financing arrangement as well as marketing and transportation of LNG," Mr. San said.

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