Shell and Petromin signed strategic alliance agreement.

August 18, 2011 | 14:01

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Shell Exploration Company and Petromin PNG Holdings Limited announced on August 18 that they had signed a strategic alliance agreement.

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The two companies will pursue mutually beneficial upstream opportunities in Papua New Guinea and establish a long-term partnership in which Shell will contribute to capability building of Petromin.

According to Joshua Kalinoe, CEO and managing director of Petromin, the company was very pleased to have signed the detailed alliance.

“Agreement today which follows the memorandum of understanding signed earlier this year. Shell is recognised as a leader and world class operator in all areas of the upstream and LNG business, we are confident that this will be the start of a long and prosperous partnership,” said Kalinoe.

Commenting on today’s signing, Guy Outen, Shell’s Executive Vice President Commercial, New Business and LNG said: "The alliance agreement affirms Shell's interest in investing in PNG. Shell has a long history of building long-term strategic relationships with national oil companies, working successfully together for many years and establishing a portfolio of cooperation projects while contributing to the development of local capabilities.”

By Bich Ngoc

vir.com.vn

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