PNG Opposition slams PNG LNG Project
THE much glorified PNG LNG project, with its mega-buck promises, has now come to haunt Papua New Guinea. That is the immediate reaction from the Shadow Minister for Public Enterprise and Kundiawa-Gembogl MP Tobias Kulang, following media reports of a further K6.9 billion equity injection needed to bring the project into fruition. “This is a scam, concocted by Exxon Mobil knowing absolutely well the vulnerable position PNG is in. The announcement unfortunately comes just a week away from the handing down of the country’s 2013 National Budget, putting further strain on it, and the Government must reject it outright,’’ he said. “Where would PNG look for the extra K1.3 billion to meet such unplanned and ill-forecast announcement when it is just about to borrow heftily from the EXIM Bank of China to fund its development agendas?” The MP fears that Papua New Guinea will now be forced to further reduce its 19.4 per cent stake in the project, which was a reduction from the mandatory 22.5 per c