Investor Alert

May 4, 2019, 4:57 p.m. EDT

Papua New Guinea : PPL, NiuPower seal gas-fired power deal

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May 04, 2019 (Euclid Infotech Ltd via COMTEX) -- PNG Power Limited (PPL) and NiuPower, an independent power provider, have finalised the power purchase agreement for the 58-megawatt gas-fired power plant near Port Moresby.

The agreement was signed last Friday by PNG Power acting managing director Carolyn Blacklock, Oil Search Limited chairman Gerea Aopi and Kumul Petroleum Holding Limited (KPHL) legal officer Rogen Wato.

Blacklock said the shift from fossil fuel to gas-powered electricity in Port Moresby would save PNG Power more

than K100 million in fuel purchase.

She described the gas-powered project as the biggest power project in the country which will increase and improve power service reliability.

It makes us as a better utility company by its existence, she said.

Niupower is owned by Kumul Petroleum Holding Limited and Oil Search Limited.

The design done by ExxonMobil is according to what PNG Power needed and not what ExxonMobil wanted to build.

This project is not just one that can save K100 million a year but a project built in consultation with PNG Power, based on a design that is reliable and affordable, meeting standards.

We are buying power that is most appropriate to our needs and the needs of our customers in Port Moresby.

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