Total and Kumul sign HoA

From left: President and CEO for Total Asia Pacific Javier Rielo, Total Vice President LNG and Economy Jean Jaylet, KPHL Managing Director Wapu Sonk and KPHL Chairman Sir Moi Avei.

From left: President and CEO for Total Asia Pacific Javier Rielo, Total Vice President LNG and Economy Jean Jaylet, KPHL Managing Director Wapu Sonk and KPHL Chairman Sir Moi Avei.

Kumul Petroleum Holdings Limited (KPHL) has signed a binding Heads of Agreement (HoA) with Total for the joint marketing and sale of their shares of LNG and condensates to be produced from the Papua LNG Project.

Under the HoA, KPHL and Total will negotiate a Shareholders’ Agreement for an Incorporated Joint Venture (IJV) to be set up as the corporate vehicle to commercialise their combined production share of LNG and condensates from Papua LNG and jointly staffed by Total and KPHL.

The IJV will engage potential buyers of LNG in the Asia Pacific region for the long term sale and purchase of their respective entitlements of LNG in Papua LNG.

“The agreement will allow us to demonstrate the unique value created when a National Oil Company works together with an International Oil Company,” said Chairman of Kumul Petroleum Sir Moi Avei.

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