February 19, 2016

LNG Impact Governors sign joint Communique for 4.27 % equity in LNG

Desperate times call for desperate measures and though there may be differences amongst not only Governors concerned but landowners as well, the five concerned Governors of the LNG GAS PROJECT have come together today to sign a JOINT COMMUNIQUE to assist the National Government and the people of PNG.
The communiqué signing, led by Hela Governor, Anderson Aiguru reflects their expression to work together in one accord to pursue the benefits packaged and owing to their people, including project landowners as agreed in the 2009 UBS Agreement in Kokopo.
Regarding the 4.2% equity, the Governors have expressed their clear intention that the option will be exercised by the Beneficiary group, based on a FIXED basis by the 30th of June 2016, as agreed under the UBSA.
Given the tight acquisition timeframe, the Governors vowed not to entertain any parallel or competing activities during the acquisition period.
“We will pursue an acquisition strategy which will help us to acquire the 4.2% equity from the National Government at a fair price which will give our people, who are the security of the PNG LNG project, a fair return, “the Governors said.
Further to this Hela Governor also explained that ROYALTIES for impacted landowners will not be paid out until verification of true landowners ends.
The Communiqué was signed by the Governors for Gulf, Central, Western, SH and Hela Provinces and will need to go to the NEC for deliberation.
An estimated 160 ships have left PNG shores for overseas buyers reflecting an estimated export revenue value of K60B billion. These revenues are believed to already be in 18 Trust accounts. PNGFM/ONEPNG