PETER O’NEILL PLANNING TO RIP OFF PNG LNG LANDOWNERS - NOTHING COMING UNTIL 2019 - LEAKED SUBMISSION INSIDE
by JACK TOAPELIS Prime Minister Peter O’Neill has broken his promise to PNG LNG landowners to support their purchase of 4.27% equity in the project. A leaked policy submission by the Prime Minister, Treasurer Patrick Pruaitch and Finance Minister Jame Marape says landowners will have to go it alone and raise their own funds to buy the equity. The Prime Minister had previously agreed to debt financing by NPCP/Kumul Petroleum for the landowners so they could pay for their equity. This promise was effected in NEC decision 208 of 2015 – now the Prime Minister wants to rescind that decision through his new policy submission. Virtually all the recommendations in the Prime Minister’s submission are in breach of the 2009 Kokopo Umbrella Benefit-Sharing Agreement. Indeed the O’Neill Government has always been in breach of the Kokopo UBSA, notably in making agreed payments to the UBSA participants. As Sir Michael Somare said in a statement late last year: “This g