Dr Fereidun Fesharaki: The Major Challenges Facing the LNG Business. How will this affect LNG from PNG?
November 24, 2015
Who was cited:
Dr. Fereidun Fesharaki
2015 PNG Mining and Petroleum Conference - "Opportunities in Challenging Times"
Here are some key takeaway points from Dr. Fereidun Fesharaki, Chairman, FGE Group, when he addressed "The Major Challenges Facing the LNG Business. How will this affect LNG from PNG?"
- PNG LNG is "Building the foundation before the building"
- LNG is a tough market. Globally, sales are made prior to production
- Existing markets have a better advantage in selling existing tonnes of LNG than emerging projects
- The traditional way of doing business (sales) in the mineral and gas industry (mostly gas) has changed
- The traditional approach: gas sold to manufacturers and then to consumers. However, competition with competitors who have a better advantage at selling their LNG has made selling LNG traditionally harder
- PM O'Neill taking steps to ensure that PNG LNG has a buyer i.e. trip to Japan.
- The potential is there. Sales of LNG needs more focus, more effort and more attention by the government and the project members.
Dr. Fesharaki was invited to speak at the PNG Mining and Petroleum Conference 2015, delivering his speech on the first day after the Honourable Peter O'Neill, CMG MP, Prime Minister of PNG, and the Honourable Ben Micah, MP, Minister for Public Enterprises and State Investments.