The signing was done today between UPNG and Puma Energy PNG Limited, to allow for the construction of the largest service station in Port Moresby. This includes other related businesses within the premises such as vehicle repairs, groceries and takeaway food.
UPNG acting vice-chancellor, Vincent Malaibe, said this is the biggest and first commercial venture with the private sector.
Malaibe said the University aims to be financially independent after 52 years in operation.
He stressed that the partnership is the beginning of the University’s corporate move to utilise its large, undeveloped landholding while generating income.
Puma Energy PNG country general manager, Jim Collins, said the planning and discussions of the MOA have been very robust and they are proud to be associated with UPNG.
Collins said they are excited to be developing a strategic site with UPNG, which will provide another much needed fuel service for Moresby residents.
Malaibe added that UPNG has its own master plan for future infrastructure and business development, but has also opened discussions with property developers and the corporate business sector to establish public private partnerships.
UPNG currently has an extension infrastructure development program that involves the construction of two new school buildings, a lecture theatre, student services building, a 150 bed male dormitory and a science complex.
The service station is expected to be launched in 2018.
The return cost on the commercial lease for the construction and the cost of the infrastructure project will be announced by both stakeholders at a later date.