ISEZ signs MOU with Kumul Petroleum

The Ihu Speacial Econmic Zone Project signed an MOU with Kumul Petroleum Holding Limited in Port Moresby this evening.

The signing between the two marks an agreement for ISEZ and KPHL to work collaboratively to identify and generate power into ISEZ project location.

Wapu Sonk, Managing Director of Kumul Petroleum Holdings said, “KPHL will look at the most appropriate power solutions for the Ihu SEZ, which could include renewable energy sources such as hydro.”

The managing director of the Ihu SEZ Development Company, Peter Kengemar, noted that “the Ihu SEZ, established in 2020, is geographically and strategically located close of the well heads and pipeline of the Papua LNG Project.”

As mentioned earlier this year by Minster Maru, the SEZ has been designated for industrial downstream processing, and the SEZ’s will not be viable unless they have access to a source of affordable electricity.

Mr Wonk also stated that, KPHL will carry out feasibility studies on potential sources for the generation of electricity and make recommendations on those that are commercially viable.”

While KPHL will be focusing on identifying the best solutions for power generation for Ihu SEZ, it will be ISEZ’s management responsibility to liaise with local landowners, LLGs, the Gulf Provincial Government and the Ministry of the International Trade and Investment as may be necessary to progress the recommended options.

KPHL stands ready to provide appropriate power solutions for the country’s SEZ’s as the national petroleum and energy of the country, says Mr Wonk.