A new board of directors for Petroleum Park Holdings Limited (PPHL), a subsidiary of the Konebada Petroleum Park Authority (KPPA), was sworn in on Monday.
The ceremony was officiated by Magistrate Billy Pidu and witnessed by International Trade and Investment Minister Richard Maru, who is also responsible for KPPA.
Sworn in as board members were Ambassador Joshua Kalinoe as chairman, along with David Manau, Martin Kombri, Vera Raga and Johnson Pundari.
PPHL was established to oversee downstream petroleum and gas industry development and was registered in June 2016 under the Companies Act 1997.
Maru said the KPPA and its subsidiary were created at a time when there was no domestic market obligation (DMO) requiring gas to be reserved for local use, leaving the authority and its land largely idle for years.
He said the new board’s first task would be to determine the future direction of KPPA and the land under its control.
“If we are to establish a petroleum park then where are we going to set it up? The Papua LNG project will have a 5 percent DMO, however the processing plant must be located in Gulf Province because the gas belongs to them,” Maru said.
He noted that KPPA sits on prime land near a new wharf that could support manufacturing and export-processing industries, as well as import-substitution activities.
Such developments, he said, could generate employment and tax revenue to support economic growth.
Maru said the board is expected to submit a proposal to Cabinet within two weeks outlining its plans for the future of KPPA.
“Either you go to sleep like everybody else or make a difference,” he told the board.
