Papua New Guinea in advanced talks with Chinese banks to fund...

Papua New Guinea in advanced talks with Chinese banks to fund LNG megaprojects
Credit: REUTERS/DAVID GRAY
December 10, 2023 — 10:45 pm EST

Written by Lewis Jackson for Reuters ->

SYDNEY, Dec 11 (Reuters) - Papua New Guinea's state-owned petroleum company is in advanced talks with Chinese banks to help fund its stakes in two massive liquefied natural gas (LNG) projects in the country, a senior executive said on Monday.

Kumul Petroleum is holding talks with banks in the U.S., Europe and Australia but the talks with China were "mature," its managing director Wapu Sonk told Reuters at the Papua New Guinea Resources and Energy conference in Sydney.

“Most of the funding discussions are really with Chinese backed banks because they have a different view on ESG (environmental, social and corporate governance)," he said. "It’s progressed to a point where it is mature.”

(Reporting by Lewis Jackson in Sydney; Editing by Jamie Freed)

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