The Mineral Resources Development Company (MRDC) has signed agreements with Mobil Oil New Guinea Limited, an affiliate of ExxonMobil, for the proposed acquisition of six Mobil service stations in Port Moresby and the expansion of retail fuel operations into Lae and Madang.
The signing ceremony took place this afternoon, Tuesday, October 20, 2026, at the Hilton Hotel in Port Moresby, marking a significant milestone in MRDC’s efforts to diversify its investment portfolio into Papua New Guinea’s downstream petroleum industry.
The agreements pave the way for MRDC to acquire Mobil’s existing retail service station business in the National Capital District while establishing a long-term fuel supply and branding partnership with Mobil.
The proposed acquisition will be undertaken through Star Mountain Service Station Limited (SMSSL), an investment company owned by three MRDC subsidiaries, MRSM, MROT2 and MRCMCAH.
Under the arrangement, SMSSL will acquire six existing Mobil service stations in Port Moresby, including Mobil Boroko Drive, Mobil Islander, Mobil Gerehu, Mobil Tokarara, Mobil Ela Beach and Mobil Lahara.
The company will also construct and operate two additional Mobil-branded service stations along Markham Road in Lae and Modilon Road in Madang, expanding its investment presence in the country’s retail fuel industry.
Despite the proposed change in ownership, all service stations will continue operating under the internationally recognised Mobil brand, with Mobil maintaining fuel supplies through a long-term commercial arrangement.
MRDC Managing Director Augustine Mano described the acquisition as a strategic investment aimed at strengthening and diversifying the company’s portfolio in the downstream energy sector.
“This investment reflects our continued focus on building commercially sustainable businesses that generate long-term value for our shareholders and beneficiaries,” Mr Mano said.
He said the retail fuel sector remained a critical component of Papua New Guinea’s economy and presented an opportunity for MRDC to invest in an established business with proven assets and a strong customer base.
“The retail fuel sector is a critical component of the national economy, and this transaction presents an opportunity to acquire an established business with proven assets, established operations and a strong customer base,” he said.
Mr Mano said the proposed acquisition would further strengthen MRDC’s commercial investment portfolio while creating opportunities for sustainable financial returns for its shareholders and beneficiaries.
“Subject to completion, the transaction will strengthen the MRDC Group’s presence in a key economic sector and add a strategic operating asset to our investment portfolio. Our long-term partnership with Mobil will support continuity of fuel supply and service standards across the network,” he said.
Meanwhile, Chairman and Managing Director of ExxonMobil PNG, Dinesh Sivasamboo, reaffirmed the company’s commitment to Papua New Guinea’s retail fuel market through its continued partnership with the network.
“This transaction combines local ownership with the continued support of an internationally recognised fuel brand,” Mr Sivasamboo said.
He assured customers that Mobil would continue supplying quality petroleum products to the service stations following completion of the acquisition.
“Following completion, customers will continue to be served through the Mobil-branded network under our ongoing fuel supply arrangements. They can also continue to expect the quality products, service standards and trusted brand experience associated with Mobil.”
Both companies have committed to working closely together to ensure a smooth transition for customers, employees and business partners once the transaction is completed.
The proposed acquisition represents a significant expansion of MRDC’s investment interests beyond its traditional mining, petroleum and gas-related investments into the downstream retail fuel market.
MRDC is the statutory trustee responsible for managing landowner and provincial government equity interests derived from Papua New Guinea’s mining, petroleum and gas sectors.
The company manages and invests these assets on behalf of its beneficiaries, with a focus on generating sustainable financial returns and long-term wealth for resource owners.
The transaction remains subject to completion, with the existing service stations expected to continue operating under the Mobil brand once the acquisition is finalised.