PNG's Petroleum Parks Holdings to partner with Chinese Ports Conglomerate
The recent PNG-Asia Investment Conference from 15-17 October 2023 in Hong Kong has netted one of the major conglomerates in China to partner with Petroleum Parks Holdings Limited (PPHL) in the development of the Konebada Port area in Port Moresby Papua New Guinea.
The China Merchants Port Holdings Company Limited—one of the biggest port developers will partner with Petroleum Parks Holdings Limited—a subsidiary of the Konebada Petroleum Park Authority to develop its 1000ha of land near Port Moresby as part of the Marape-Rosso government initiative to grow the economy through the port services.
The initial discussions were done on the sidelines of the conference. This engagement has attracted the interest of the leaders of this conglomerate to joint venture with the Petroleum Parks Holdings Limited. This discussion took into consideration the development of this piece of land into a wide range of businesses that includes port operations, general and bulk cargo transportation, container and shipping business, air cargo, and logistics port operations among others.
This breakthrough could not have materialized without the leadership of Managing Director of Petroleum Parks Holdings Limited, Mr. Samuel Pepena, who was part of the delegation present at the conference. He was instrumental in the discussions with the company executives of this conglomerate. His leadership through engagement with this prolific group in the ports business is encouraging.
The China Merchants Port Holdings Company Limited is a well-established conglomerate based in Hong Kong. It is involved in a range of businesses such as port operations, general and bulk cargo transportation, container and shipping business, air cargo, logistics park operations and paint products.
It is one of the companies listed as a Red Chip Company at the Hong Kong Stock Exchange listing. CMPHCL has port facilities in Mainland China and Hong Kong, such as Shangai, Tianjin and Qingdao.
Its national port network is spread across the Pearl River Delta, Bohai Economic Zone, Xiamen Bay Economic Zone, Yangtze River Delta and Southwest China. This includes the coastal hub ports of Hong Kong, Shangai, Qingdao and Xiamen Bay.
Beside the port operations in Hong Kong and China, its investments span many regions of the world. For example, China Merchants Port Holdings Company Limited has established ports in countries like Nigeria, Tanzania and Djibouti in Africa, or Brazil in South America, Newcastle in Australia, Huston in the United States of America as well as South Asian countries like Sri Lanka.
The port of Hambantota located in the Southern part of Sri Lanka is the biggest investment ever undertaken by the China Merchants Port.
China Merchants Port has more than 130 berths for loading and unloading at wharves and piers around the world. The holding capacity is around 60 million containers. It controls more than 30% of berths in Mainland China.
It is one of the three Chinese enterprises named among the top 10 terminal operators in the world. In 2018, China Merchants Port was ranked fifth. Interestingly, with these diversified business networks, it has 34 ports in 18 different countries.
China Merchants Port invested in 6 terminals in 2005 and increased to 18 by the end of 2017. By 2009, it started to engage in overseas investments. As part of the China’s Marinetime Silk Road Plan, the company increased its overseas port facility upgrades in recent years.
The discussion with this business group has resonated well with our government’s blueprint to invest in this sector to grow the economy. In the coming weeks and months, a few announcements will be made regarding this undertaking by the Marape-Rosso government.
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