Showing posts with the label PNGSDP

PNGSDP willing to help finance LNG landowner equity

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

What is Peter O’Neill hiding at Ok Tedi Mining Ltd?

by FRANK TASO Since he and his cronies Nigel Parker, Musje Werror, Moi Avei, Daire Vele and Jakob Weiss threw out PNG Sustainable Development, the mine has been on a death spiral. It has caught O’Neill Disease, the fatal and untreatable parasitical sickness that infects all State Owned Enterprises. O’Neill and his blood-sucking worms grow fat by siphoning all the goodness out of the host SOE, leaving just a shell requiring regular injections of taxpayer funds medicine to recover, only to be sucked dry all over again. Now O’Neill and his cronies are lining up for another feast on OTML. The Prime Minister has ordered CEO Peter Graham to rip as much money out of the business as they can and give it to the Government as soon as possible to help avoid looming bankruptcy. The OTML board is dominated by O’Neill appointees and cronies including convicted Leadership Code fraudster Moi Avei, , Treasury Secretary and wanted criminal Daire Vele, Western Province Administrator and fra


by JAMES PARAKISHAN Wobiro commented this week in the  media: "The first time I knew about the proposal for the State to take over the Ok Tedi Mine was when a Bill was presented to Parliament.” Comments to Martyn Namorong, son of WP, on EMTV on September 26 2013: “Well our view is that the changes have come at the right time. The mine has operated for over 30 years now and some things have worked, others have not, and it is now time to make changes, and so I welcome the change, I have been an integral part of the preparation towards this change.” Time to go to Cairns na hide lo tupla haus wantaim ol yangpla meri pamuk blo u. The government of PNG has demonstrated that it is incapable of safeguarding the funds of Non CMCA villages’(South Fly affected villages who didn’t sign the CMCA Agreement) being part of the compensation moneys paid by BHP/Oktedi, as a direct result of the Court case in Melbourne by Fly River Landowners. Certain funds being dividends from Oktedi were pa