PRESS RELEASE - 6th August 2010 - The Republic of the Marshall Islands today signed the Memorandum of Understanding for the Pacific Petroleum Project, the fifth Pacific Island Country to sign after the Cook Islands, Nauru, Niue and Tuvalu.'The signature of the Republic of the Marshall Islands of this Memorandum of Understanding for the Pacific Petroleum Project is an important step in building a regional approach to purchasing high quality petroleum at an affordable price", stated the Secretary General of the Pacific Islands Forum, Tuiloma Neroni Slade.
"By joining the other signatories, the Republic of the Marshall Islands will benefit from better analysis of its supply chain issues, identify how to reduce costs and increase efficiency," explained Mr Slade.
The Ambassador of the Republic of the Marshall Islands to Fiji, Ms Amatlain Kabua, who co-signed the Memorandum, stated that her Government was determined to find ways to reduce the cost of importing petroleum.
"By signing this Memorandum of Understanding, we expect to benefit from the expertise offered under the Pacific Petroleum Project, learn from the other countries involved, and ultimately find ways to reduce the cost of petroleum imports," said Ms Kabua.
The Memorandum of Understanding for the Pacific Petroleum Project was first signed by the Governments of the Cook Islands, Nauru and Tuvalu in October 2008, and by Niue in April 2009. The aim of the Pacific Petroleum Project is to identify opportunities for Pacific Island Countries to reduce the costs of purchasing petroleum, streamline their supply chains, and strengthen procurement and tendering processes.