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PNGSDP willing to help finance LNG landowner equity

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MEDIA RELEASE

The chairman of PNG Sustainable Development Program Ltd, Sir Mekere Morauta, said today the company is willing to help provide debt finance to enable wellhead and facilities landowners buy equity in the PNG LNG Project.

He said PNGSDP is happy to participate as the PNG-based member of a consortium of overseas financiers to provide a facility totaling K725 million (US$230 million) to allow the landowners to pay the State for their 4.27 per cent interest that was agreed under the Umbrella Benefit Sharing Agreement (UBSA) reached in 2009 between the Somare Government and the landowners.

The wellhead and facilities landowners included in the equity holding cover groups within the PNG LNG project footprint from Western, Hela, Southern Highlands, Gulf and Central Provinces.

PNGSDP was set up to hold shares in Ok Tedi Mining Ltd for the benefit of the people of Western Province and Papua New Guinea. Since the expropriation of its shares by the Government, it does not receive divid…