Project leader Naotsugu Koinuma said the methanol project which the company would engage in would generate an added value of US$183m (K492m) by 2030 with thousands of Papua New Guineans to be employed.
Koinuma made the remark during signing of a memorandum of understanding with state entity, National Petroleum Company PNG (NPCP) for development of the project.
“We are targeting to introduce next methanol project in Papua New Guinea. This project will be under joint venture arrangement between NPCP and Sojitz … we’ll produce the plant.
“PNG can create 38,000 employees from the downstream of methanol, and then US$183m as added value,” Koinuma said.
Independent Public Business Corporation chairman Paul Nerau thanked Sojitz for the confidence the company had in investing in PNG.
“Thank you Sojitz for your ability to come forward and offer this project and do a joint venture arrangement with NPCP.”
He on behalf of the government congratulated both NPCP and Sojitz Corporation for the arrangement
“I think we need more of the joint venture where we bring in expertise from outside to come and help us deliver huge projects.”