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Potential lenders on fact-finding mission

PORT MORESBY, Papua New Guinea (PNG Post-Courier, January, 29, 2009) – More than 70 representatives of the international banking community, export credit agencies and rating agencies arrived in Port Moresby yesterday as guests of the PNG LNG project.

The delegation arrived without a government presence to welcome them.

National Capital District Governor Powes Parkop took time off to be there at the airport to meet the visitors who arrived in a private plane.

The delegation is believed to have met with Prime Minister Sir Michael Somare, the Deputy Prime Minister Dr Puka Temu and key ministers including State Enterprises Minister Arthur Somare, Petroleum and Energy William Duma, Planning Minister Paul Tiensten, Treasurer Patrick Pruaitch and Public Service Minsiter Peter O’Neill at a function in Port Moresby last night.

Their visit itinerary includes project briefings, ministerial briefings and visits to key project sites near Port Moresby and in the Southern Highlands Province.

They will be shown the PNG LNG project’s key attributes including high quality resources, a world class operator and strategically aligned sponsors, PNG’s stable investment climate and the project’s commitment to sound environmental and social outcomes.

ExxonMobil yesterday said that they were delighted to host this initial fact finding visit to PNG for potential lenders.

They said that the project co-venturers were highly motivated to move the project forward and the PNG Government had been very supportive.

The project is seeking to raise more than $US10 billion in debt financing and is working towards a final investment decision in the fourth quarter of this year with a corresponding first LNG cargo in late 2013-2014.

Papua New Guinea Post-Courier:

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