Ocean Master Project
An integrated social impact and sustainable fishery project to initially start on Yule Island and implement across Papua New Guinea (PNG) consists of
1. Offshore fishing with maximum capacity of 400,000 tons p.a.
2. International logistics linking PNG suppler markets to Thai end user markets.
3. Seafood trading with up to 150 tons per day.
4. Other onshore facilities including icehouse, cold storage, seafood processing house, fishmeal plant and shipyard.
The Project will start a trial run in November 2020 as agreed with the NFA (NFA Letter dated 21stJuly 2020 and Endorsement from PM office) consisting of five trawlers and one 3,000 tons reefer. Ocean Master and NFA will parallelly work out the details of the Project Development Agreement along with incentives to support the Project.
The project expects to get final PDA approval by the end of 2021 and financial close in Q1/2022. Construction of each facility will be proceeded one after the other from 2022-2024. The jetty will be on function in 2023 followed by other facilities’ operational launch-up between 2023-2024.