PNG Welcomes Sinopec’s Entry into Local Petroleum Industry
Papua New Guinea’s petroleum sector has gained new momentum with the announcement that Chinese energy giant Sinopec will set up a subsidiary in the country. The move, confirmed on September 24 in Port Moresby, followed discussions between Petroleum Minister Jimmy Maladina and Sinopec’s Deputy Director for Geophysical and Engineering, Xiao Yi.
Minister Maladina described the development as a significant show of confidence in PNG’s petroleum industry and government policies. “We welcome Sinopec’s decision to establish a subsidiary in Papua New Guinea. This demonstrates investor confidence in our resources sector and the government’s policy direction,” he said.
He said the subsidiary’s drilling and seismic operations would play a key role in shaping the country’s energy future. “Sinopec’s technical expertise and global experience will complement our efforts to grow the industry responsibly and sustainably,” Maladina added.
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| PNG Welcomes Sinopec’s Entry into Local Petroleum Industry |
Xiao said Sinopec’s decision was based on its long-term interest in PNG and a desire to contribute to its petroleum growth. “We are ready to contribute our technical strengths and work alongside the government and stakeholders,” he affirmed.
The new subsidiary will operate under Sinopec International Petroleum Service Corporation, a fully owned division of Sinopec Group, which has more than 50 years of petroleum service experience worldwide.
Minister Maladina said the government remains committed to fostering foreign investment that drives responsible resource development. Sinopec stated it will focus on building long-term partnerships to support sustainable growth in PNG’s petroleum industry.
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