LANCOs encouraged to form joint ventures
Landowner companies operating in the oil and gas industry are encouraged to form joint ventures for business expansions.
Prime Minister James Marape told three landowner companies last week that after doing business in LNG for 10 years successfully it’s about time they form partnerships to expand into other areas of business for more economic growth.
Mr Marape said these three companies, Hides Gas Development Corporation, Trans Wonderland Limited and LABA holdings have invested and led well as a result need to make a mark 10 years on in this industry.
He welcomed the call by Trans Wonderland managing director Larry Andagali for more partnerships to be built with other landowner companies and encouraged HGDC and LABA holdings to reach out to other LANCOs for business partnerships.
“While you celebrate your success, you must also think about the people, don’t take our people’s silence for granted. 10 years on you all should become a billion dollar companies,” he said.
“These three landowner companies they remain as companies but they become as incubation spots for more junior LANCOs to grow out from that.
The three must become umbrellas where offspring are growing from it from other business expansions to form from it.
My encouragement to the board of the three companies, let’s not remain but let’s spread our wings to take these businesses to the next level,” he added.
“It was late Anderson Agiru’s vision that every landowner company is benefited well and the challenge now for you three LANCOs is to rise up and become the greater landowner company and allow for growth and spin offs to take place in the structure and set up of your businesses not only confined to LNG PNG projects.”
He said there are many success stories in the industry which the three companies can see and learn from in order to grow.
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