PNGBLOGS

By:REGINALD HAUREVA- Kokoda On Wednesday 19th March 2014 the Prime Minister Peter O’Neill took out a full page advertisement in the Post Courier stating that his unilateral decision to borrow AUD$1.2 Billion from UBS Bank to purchase 10. 1% shares in the public company Oil Search Limited (“OSL”) was the... “Best decision for Papua New Guinea”. He sought to explain the circumstances surrounding the availability of finance (intended for the IPIC share buyback) leading to the decision to buy more OSL shares. The Prime Minister also made the following points in the Press Release: 1. There is presently a dispute with IPIC (the Dubai Lenders for the previous loan secured by Arthur Somare to finance State’s equity in the PNG LNG project) that could potentially cost the State upward of USD70 Million, relating to the buy-back valuation differential on the underlying value of OSL and its current trading share price. 2.   He is aware that “our people want their government to hold shares in O

By:REGINALD HAUREVA- Kokoda On Wednesday 19th March 2014 the Prime Minister Peter O’Neill took out a full page advertisement in the Post Courier stating that his unilateral decision to borrow AUD$1.2 Billion from UBS Bank to purchase 10. 1% shares in the public company Oil Search Limited (“OSL”) was the... “Best decision for Papua New Guinea”. He sought to explain the circumstances surrounding the availability of finance (intended for the IPIC share buyback) leading to the decision to buy more OSL shares. The Prime Minister also made the following points in the Press Release: 1. There is presently a dispute with IPIC (the Dubai Lenders for the previous loan secured by Arthur Somare to finance State’s equity in the PNG LNG project) that could potentially cost the State upward of USD70 Million, relating to the buy-back valuation differential on the underlying value of OSL and its current trading share price. 2.   He is aware that “our people want their gover