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Exxon Gets U.S. Export Bank Financing for PNG LNG Project After Paying for Travel

Mark Drajem (Business Week)  Exxon Mobil Corp. and its partners in the $15 billion Papua New Guinea gas project last year paid the travel expenses for employees of the U.S. Export-Import Bank as it considered whether to help fund the venture. The four workers ran up $97,367 in bills traveling to London, Tokyo and the South Pacific, according to data compiled by the bank. They flew business class, viewed the project’s route by chartered aircraft and were entertained by costumed villagers. Eleven months later, the bank approved $3 billion in financing for the liquefied natural gas facility, the biggest transaction in the agency’s 75 years. Exxon Mobil, the biggest U.S. oil producer, isn’t alone in picking up the travel tab for the Washington-based bank. In the past two years, the bank accepted $366,865 for employee trips, according to information provided under a Freedom of Information Act request. Workers visited projects spo

Exxon Gets U.S. Export Bank Financing for PNG LNG Project After Paying for Travel

Mark Drajem (Business Week)  Exxon Mobil Corp. and its partners in the $15 billion Papua New Guinea gas project last year paid the travel expenses for employees of the U.S. Export-Import Bank as it considered whether to help fund the venture. The four workers ran up $97,367 in bills traveling to London, Tokyo and the South Pacific, according to data compiled by the bank. They flew business class, viewed the project’s route by chartered aircraft and were entertained by costumed villagers. Eleven months later, the bank approved $3 billion in financing for the liquefied natural gas facility, the biggest transaction in the agency’s 75 years. Exxon Mobil, the biggest U.S. oil producer, isn’t alone in picking up the travel tab for the Washington-based bank. In the past two years, the bank accepted $366,865 for employee trips, according to information provided under a Freedom of Information Act request. Work

Too much power play being abused

  Kevin Ming The Government is looking more comfortable with its numerical strength to hold onto power until 2012. However, a lot of us ordinary people are questioning why our leaders who know that there are a lot of issues that the national alliance coalition needs to come out clearly on, are supporting the pact. The Moti issue is undoubtedly an issue which the Government is trying to sweep under the carpet. For me as an ordinary citizen of this country I feel there is a lack of honesty in our leaders and those who were part of the whole saga. We know there are set procedures and a code of operation to follow in such a high level operation when involving the military onto foreign territory. So if our Prime Minister denies any knowledge of the operation then the buck comes back to the military command, the Prime Minister’s Chief of Staff and the NIO chief at the time. They at least knew how the operation was to be executed and under whose authority it has been carri

Too much power play being abused

  Kevin Ming The Government is looking more comfortable with its numerical strength to hold onto power until 2012. However, a lot of us ordinary people are questioning why our leaders who know that there are a lot of issues that the national alliance coalition needs to come out clearly on, are supporting the pact. The Moti issue is undoubtedly an issue which the Government is trying to sweep under the carpet. For me as an ordinary citizen of this country I feel there is a lack of honesty in our leaders and those who were part of the whole saga. We know there are set procedures and a code of operation to follow in such a high level operation when involving the military onto foreign territory. So if our Prime Minister denies any knowledge of the operation then the buck comes back to the military command, the Prime Minister’s Chief of Staff and the NIO chief at the time. They at least knew how the operation was to be executed and under whose authority it has been c

Outlook Uncertain

AAP Oil Search Ltd says the economic outlook in developed countries is uncertain, with sluggish growth likely to constrain oil prices. The Papua New Guinea (PNG) focused energy company has also sounded a word of warning in its annual report that there may be too many liquefied natural gas (LNG) projects planned for the next decade in the Asia Pacific region. "While global economies have started to recover from the recession, the economic outlook in developed nations is still uncertain," Oil Search chairman Brian Horwood said. "Slow economic growth is likely to limit upward movements in the oil price," Mr Horwood said in the report released on Monday. "This, together with the natural decline in production from our existing mature oil fields, will have a direct impact on Oil Search's future earnings." The company said there had been a strong outlook for Asia's LNG growth, with the region likely to need 180 to 200 million tonnes per annum by 202

Outlook Uncertain

AAP Oil Search Ltd says the economic outlook in developed countries is uncertain, with sluggish growth likely to constrain oil prices. The Papua New Guinea (PNG) focused energy company has also sounded a word of warning in its annual report that there may be too many liquefied natural gas (LNG) projects planned for the next decade in the Asia Pacific region. "While global economies have started to recover from the recession, the economic outlook in developed nations is still uncertain," Oil Search chairman Brian Horwood said. "Slow economic growth is likely to limit upward movements in the oil price," Mr Horwood said in the report released on Monday. "This, together with the natural decline in production from our existing mature oil fields, will have a direct impact on Oil Search's future earnings." The company said there had been a strong outlook for Asia's LNG growth, with the region likely to need 180 to 200 million tonnes per annum by 2

My Reasons in Moving to the Middle Benches

By Powes Parkop LLB, LLM NCD Governor I UNDERSTAND the sentiments and disappointment of “Parkop nambawan supporter” (The National, March 12), and others like him who might have reached the same conclusion after hearing the announcement by the Speaker as to my affiliation in Parliament. I respect the views of the author but I would have thought that if indeed he or she was my number one supporter, he or she would have not rushed to judge but await my explanation especially when the announcement was not made by me but by the Speaker. In politics, some decision we make might not please all our supporters but those who are genuine supporters should learn to ascertain the truth and get an explanation before rushing to judgment or conclusion. The fact is that I have not joined the Government. I have moved to the middlebench so that I can assert more of my status as an independent MP where I can support or oppose the Government when I have to. This is not a new position that I have

My Reasons in Moving to the Middle Benches

By Powes Parkop LLB, LLM NCD Governor I UNDERSTAND the sentiments and disappointment of “Parkop nambawan supporter” (The National, March 12), and others like him who might have reached the same conclusion after hearing the announcement by the Speaker as to my affiliation in Parliament. I respect the views of the author but I would have thought that if indeed he or she was my number one supporter, he or she would have not rushed to judge but await my explanation especially when the announcement was not made by me but by the Speaker. In politics, some decision we make might not please all our supporters but those who are genuine supporters should learn to ascertain the truth and get an explanation before rushing to judgment or conclusion. The fact is that I have not joined the Government. I have moved to the middlebench so that I can assert more of my status as an independent MP where I can support or oppose the Government when I have to. This is not a new position t

Sad Truths about Kevin Conrad "PNG's Environment Hero"

  The Australian One of the world’s leading voices on climate change policy, Kevin Conrad, has been linked to a string of failed business dealings in Papua New Guinea. Conrad, PNG’s UN Special Envoy and Ambassador for Climate Change and Environment, came to international notoriety at the Bali conference in 2007 he told the US to either lead the debate or get out of the way. In 2008 the UN Environment Program named Conrad a ‘Champion of the Earth’. Last year, Time magazine named Conrad number one “Leader and Visionary” within its annual list of “Heroes of the Environment”. But in PNG, Conrad has a different legacy. PNG’s Public Service Minister Peter O’Neill when opposition leader in parliament in 2007 attacked the government on Conrad’s business dealings. He accused Conrad of involvement in a failed housing scheme in the 1990s for the Public Officers Superannuation Fund where 17 million kina ($A8million) was paid but not one single house was built. O’Neill also alleged Conrad

Sad Truths about Kevin Conrad "PNG's Environment Hero"

  The Australian One of the world’s leading voices on climate change policy, Kevin Conrad, has been linked to a string of failed business dealings in Papua New Guinea. Conrad, PNG’s UN Special Envoy and Ambassador for Climate Change and Environment, came to international notoriety at the Bali conference in 2007 he told the US to either lead the debate or get out of the way. In 2008 the UN Environment Program named Conrad a ‘Champion of the Earth’. Last year, Time magazine named Conrad number one “Leader and Visionary” within its annual list of “Heroes of the Environment”. But in PNG, Conrad has a different legacy. PNG’s Public Service Minister Peter O’Neill when opposition leader in parliament in 2007 attacked the government on Conrad’s business dealings. He accused Conrad of involvement in a failed housing scheme in the 1990s for the Public Officers Superannuation Fund where 17 million kina ($A8million) was paid but not one single house was built. O’Neill al

Democracy is Crazy in Papua New Guinea

JB Varey THE perception that Government ministers and MPs are corrupt, yet fighting to stay in power, is a symptom of an eroding and weak democracy. For example, the public’s perception is that the Prime Minister is guilty in the Motigate affair. The Speaker’s continuous gagging of parliamentary debates has made things even worse. Is it any wonder that a high percentage of the population, who are well read and informed, believe both the Prime Minister and Speaker are guilty and stand in the way of justice, progress and development? If you look at mature democracies elsewhere, they are guided by public opinion and their leaders will immediately step down when public opinion reflect a confidence crisis. They do not even wait for people power to prove they have lost the confidence of the people. Democracy is people’s power. Power resides in the people. But the inability to use that, not only during national elections but whenever necessary, is a symptom of a weak democracy. In

Democracy is Crazy in Papua New Guinea

JB Varey THE perception that Government ministers and MPs are corrupt, yet fighting to stay in power, is a symptom of an eroding and weak democracy. For example, the public’s perception is that the Prime Minister is guilty in the Motigate affair. The Speaker’s continuous gagging of parliamentary debates has made things even worse. Is it any wonder that a high percentage of the population, who are well read and informed, believe both the Prime Minister and Speaker are guilty and stand in the way of justice, progress and development? If you look at mature democracies elsewhere, they are guided by public opinion and their leaders will immediately step down when public opinion reflect a confidence crisis. They do not even wait for people power to prove they have lost the confidence of the people. Democracy is people’s power. Power resides in the people. But the inability to use that, not only during national elections but whenever necessary, is a symptom of a w

LNG Questions and Answers

Australia Network News Papua New Guinea's Prime Minister, Sir Michael Somare, has congratulated Esso Highlands Ltd for successfully concluding financial arrangements that will enable the 15 billion US dollar PNG LNG project to proceed. Esso Highlands is the operator of the ExxonMobil lead project, which includes Oil Search and the PNG government as junior partners. This massive development has been almost 4 years in the making and is expected to double PNG's Gross Domestic Product. Sir Michael Somare says the weekend announcement of the conclusion of the project financing and major purchase agreements with four Asian customers is a major milestone in the government's efforts to build a vibrant economy. Presenter: Jemima Garrett Speaker: Paul Barker, Director of the Papua New Guinea's Institute of National Affairs BARKER: Certainly Jemima, it is a major milestone and because its a 30 year project, it does provide a major backstop for revenue for the state,

LNG Questions and Answers

Australia Network News Papua New Guinea's Prime Minister, Sir Michael Somare, has congratulated Esso Highlands Ltd for successfully concluding financial arrangements that will enable the 15 billion US dollar PNG LNG project to proceed. Esso Highlands is the operator of the ExxonMobil lead project, which includes Oil Search and the PNG government as junior partners. This massive development has been almost 4 years in the making and is expected to double PNG's Gross Domestic Product. Sir Michael Somare says the weekend announcement of the conclusion of the project financing and major purchase agreements with four Asian customers is a major milestone in the government's efforts to build a vibrant economy. Presenter: Jemima Garrett Speaker: Paul Barker, Director of the Papua New Guinea's Institute of National Affairs BARKER: Certainly Jemima, it is a major milestone and because its a 30 year project, it does provide a major backstop for revenue for the

Extra profit tax on LNG project Tax scheme reintroduced after being scrapped in 2003

THE additional profit tax has been reintroduced in the PNG liquefied natural gas (LNG) project, according to Prime Minister Sir Michael Somare. The tax scheme was abandoned in early 2003. During negotiations between the National Government and project developer ExxonMobil Corp on the PNG Gas agreement, the Government did not provide any tax concessions, Sir Michael said. He said this in a statement as he expressed congratulatory sentiments to ExxonMobil Corp and project development partners led by operator Esso Highlands Ltd, a subsidiary of ExxonMobil Corp. “We have had positive economic growth every year since then and I am especially thankful that the PNG LNG project will push this nation’s economic performance to an even higher level. “The challenge for my Government is to convert the benefits of this project to meaningful development that would improve the lives and living conditions of every Papua New Guinean. “The co-venturers in this project will spend US$15 billion (K40

Extra profit tax on LNG project Tax scheme reintroduced after being scrapped in 2003

THE additional profit tax has been reintroduced in the PNG liquefied natural gas (LNG) project, according to Prime Minister Sir Michael Somare. The tax scheme was abandoned in early 2003. During negotiations between the National Government and project developer ExxonMobil Corp on the PNG Gas agreement, the Government did not provide any tax concessions, Sir Michael said. He said this in a statement as he expressed congratulatory sentiments to ExxonMobil Corp and project development partners led by operator Esso Highlands Ltd, a subsidiary of ExxonMobil Corp. “We have had positive economic growth every year since then and I am especially thankful that the PNG LNG project will push this nation’s economic performance to an even higher level. “The challenge for my Government is to convert the benefits of this project to meaningful development that would improve the lives and living conditions of every Papua New Guinean. “The co-venturers in this project will spend US$15 billion (K

Jeffery Nape is rated the worst Speaker in the Commonwealth of Nations

A plot to remove Speaker Jeffery Nape came unstuck when Nape himself refused to entertain what appeared to be proper dissent on his ruling before the house. The surprise move was sprung by the Opposition yesterday, and it appeared to have the support of many in the government side.Mr Nape was shocked when straight after prayer led by Pastor Joseph Walters who was invited in to bless the session, Bulolo MP Sam Basil sought leave of Parliament to move a motion without notice. Speaker Nape asked him to explain the nature of his motion which Mr Basil said was to move a vote of no confidence against the Speaker. His move was quickly seconded by Lae MP Bart Philemon. Realising what was going on, Mr Nape said the Standing Orders of Parliament does not allow vote of no confidence against the Speaker and ruled the motion out of order.Goroka MP and government backbench MP Thompson Harokaqveh quickly moved a dissent against the Speakers ruling. The three MP’s refused to take their seats arguing

Jeffery Nape is rated the worst Speaker in the Commonwealth of Nations

A plot to remove Speaker Jeffery Nape came unstuck when Nape himself refused to entertain what appeared to be proper dissent on his ruling before the house. The surprise move was sprung by the Opposition yesterday, and it appeared to have the support of many in the government side.Mr Nape was shocked when straight after prayer led by Pastor Joseph Walters who was invited in to bless the session, Bulolo MP Sam Basil sought leave of Parliament to move a motion without notice. Speaker Nape asked him to explain the nature of his motion which Mr Basil said was to move a vote of no confidence against the Speaker. His move was quickly seconded by Lae MP Bart Philemon. Realising what was going on, Mr Nape said the Standing Orders of Parliament does not allow vote of no confidence against the Speaker and ruled the motion out of order.Goroka MP and government backbench MP Thompson Harokaqveh quickly moved a dissent against the Speakers ruling. The three MP’s refused to take their sea

LNG money seen to influence rates, final financing deal to determine how much dollars to stay in local economy

THE finalisation of financing arrangements with lenders towards the PNG liquefied natural gas (LNG) project is spreading some cloud over how the interest rates are going to perform in the coming years. This is because the final agreement will determine how much of the money lent would be retained in the local economy and how much would go back overseas. If more dollars from the borrowings are retained in the local banking system, the play of the existing rate would be affected. Generally, however, when the project gets underway, the rates will increase, according to Paul Crimmins, the head of Westpac’s relationship banking. He said until financial close happens, it was yet to know what would be the internal contracts awarded to domestic and foreign companies on the US$15 billion (K40 billion) LNG project which was a US dollar denominated project. These was part of the discussions during yesterday’s economic outlook seminar, part of a series of events m

House favours bill to have separate judges

  THE National and Supreme courts will have separate judges sitting on benches of the two high courts. Parliament gave its first approval with an 85-0 vote for the bill relating to the appointment of separate and distinct judges to sit on the Supreme Court and National Court separately. The amendments, tabled by Esa’ala MP Moses Maladina, stated that unlike other jurisdictions, “in PNG we have both judges presiding over both the National and Supreme courts”. “This is not only inconvenient but also gives rise to the issue of capacity. “We have come to a stage where the population has increased and are at a stage of development now where we require a separate and distinct Supreme Court with fulltime judges and a separate and distinct National Court with its own judges,” he said. Mr Maladina said the amendments had been made in consultation with the Attorney-General and with the Chief Justice. He said this was also in line with the law and justice sector white paper t

Ombudsman loses powers MPs vote 83-0 to remove watchdog inquiry rights

PARLIAMENT has taken the first steps to weaken the powers of the Ombudsman Commission, and establishing a parliamentary Ombudsman committee that will have powers to make inquiries of its own. Parliament voted 83-0 to amend section 27(4) of the Constitution to remove the powers of the Ombudsman in issuing directives to ministers and heads of departments. Section 27(4) allows the Ombudsman to issue directives to prevent payments out of public funds, or trips by MPs, or other actions by these office holders if it (the commission) feels impropriety is involved. For example, the commission has, in the past, used this provision to stop MPs taking overseas trips when it felt the trips were a waste of public funds. The commission had also used this provision to prevent cheques issued by the Finance Department if it felt the motives were political.  The commission had, in the past, used this provision to block the release of electoral development fund cheques for MP

Mystery Woman Captured - We told you here first.

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  THE alleged mystery woman in the William Nanua Kapris escape from the Bomana prison maximum security unit has been captured by police. The woman who allegedly impersonated a human rights lawyer and went to the jail with others to set free 12 prisoners including suspected bank robber Kapris from Bomana’s maximum security lockup is behind bars. Helen Mark Kuipa, 26, from Kupalis village in Wabag, Enga Province, was apprehended at Talai settlement, Badili. Police claim she had been on the run from them for almost three months. The identity of the “mystery woman’’ was the subject of speculation in the mass media, with those who witnessed her in the Bomana raid describing her as a very beautiful and sophisticated woman, while others likened her to Serah Tancredi, partner of Michael Schofield in the movie Prison Break. On Saturday night at around 8 she was caught at Talai settlement after a tip off from the public. NCD metropolitan commander, Chief Superintenden

Thank you all

Hi all this is Paul, Thank you so much for following my blogs, I have not been up to speed lately with posts, I must admit I have been very busy with my other job that pays for my everyday living.  I have been developing a website for this blog and its still being tested. I hope to have it up before next month, again, I welcome suggestions and comments. If you have news ideas or posts that you would like to put out there please connect with me on my e-mail: paul.reinbara@gmail.com. I would like to thank you all for taking your time in visiting this blog. We need to take our country back from the greed elite, its time for us to rise up and make our stand. Let the world know that we are a country not rules by tyrants but by the will of the people. Thank you Paul Reinbara