Sir Michael: Petromin Haus a big achievement

Source:
The National - Monday, March 7, 2011
By BOSORINA ROBBYPAPUA New Guinea’s national oil, gas and minerals company Petromin Holdings Ltd last Friday officially opened its Petromin Haus (PH) along the Hubert Murray Highway in Taurama.Prime Minister and minister responsible for Petromin, Sir Michael Somare, said this office complex “is quite a remarkable achievement by any state-owned entity in PNG”.The building was designed to be environmentally friendly, and was one of PNG’s first ever green buildings.He said while the new construction could be seen as a good sign of a growing economy, it was also a witness to the successful performance of the company.“I am truly satisfied that my government made the decision to establish a policy and legal framework to set up Petromin following the recommendations by an independent panel of eminent persons,” he said.Sir Michael said that it was a deliberate decision by the government to set up Petromin as a vehicle for the state equity participation in the technologically sophisticated and challenging oil, gas and minerals sector.“It was an initiative to basically change the landscape to ensure Papua New Guineans participate meaningfully in the vast petroleum and mineral resources sector.“I must, therefore, commend the trust managers, the board and management of Petromin for setting the foundation to realise my aspiration that Papua New Guineans become meaningful and active participants in new spheres of enterprise in their country,” he said.Petromin board chairman Brown Bai said the new building should now be seen as the engine room for generating revenue flows from oil, gas and mineral development that would be invested in nation building efforts that bring more benefits to the people.He said in its efforts to deliver on its mandate, it created six wholly-owned subsidiaries that hold equity in current and future projects.