PBS and PNG Milestone Joint Venture
16th October 2009

A visiting trade delegation from the oil rich Gulf Province of Papua New Guinea today signed its first joint venture agreement with a leading local construction firm. It's also a milestone between two Melanesian countries since it's the first time for a local firm to enter into a joint venture arrangement with a provincial ad ministration in PNG.

A toast to a groundbreaking venture will see one of our local firms tapping into the resource, gas rich Gulf Region in the southern coast of Papua New Guinea. Toto Numas Gulf Province is currently where the southern hemispheres biggest liquefied natural gas or LNG find is located. Global giant Exxon Mobile is already undertaking the first LNG project there with a second one to come online soon. And that’s why this delegation from the gulf provincial government is here. To try and entice local firms to see the investment opportunity and potential in this multi-billion dollar industry.

"Before this project kicked off I decided to go out of the country to find partners that can come and start changing the landscape of the province. Making provisions to accommodate for and influx of activities in the next 5, 10, 20 to 50 years" Honorable Havila Kavo - Governor of Gulf Province PNG.

The first local firm to see that potential in expanding their regional operations is Pacific Building Solutions.

"We're certainly excited about the opportunities of working together and for the future that is ahead of us. I think for us it's something that we have been looking to, to expand in the region and we are certainly excited about the future together." PBS Director Michael Fairfax

The Gulf Province is also looking to attract other investors, particularly those in the tourism and IT sector. But for now it’s PBS who are onboard.

"We at Pacific Building Solutions believe that we are pioneers ourselves, we are very innovative, we're a young team with a very dynamic team of managers and we believe we can contribute quite a lot to the Gulf Province." Chief Operations Officer - Stanley Hancock.

PBS believes it's now for other locals to step up to now what's on offer in the multi-billion dollar gas rich Gulf Province in PNG.

"I guess we've been talking about trade and investment between our nations for many years. I think this has certainly paved the way." Stanley Hancock.

The delegation plans to return to Fiji later next month to seal more partnership agreements like this with local firms.

Geoffrey Smith
One National News

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