Showing posts with the label gas. peter o'neill

Where is the PNG LNG money? Did PM skim K6Billion and gave K21Billion to PNG?

by GREG KONDE THE first liquefied natural gas cargo of the PNG LNG project was loaded onto the Spirit of Hela ship on May 14, 2014.  The three markets for the PNG liquified natural gas are Japan,  China and Taiwan (primarily Japan).  The project sends 6.9 million tons of LNG to the three Asian markets per year. Founding father of the nation Sir Michael Somare said in the July 22, 2016 Post Courier that he “cannot understand how our economy is managed. Despite 250 shipments of Oil and Gas so far, there is nothing to show for (it).” He said one shipment is around USD$220 million and questioned why the government keep borrowing.  He stated that Prime Minister Peter O'Neill should tell the people the truth about the economic situation affecting the country. Exxon Mobil receives the largest portion of the income – that is to be expected as they invested far more than anyone else, an amount of $US20B (K50B). Through Kumul Petroleum Holding Limited, Papua New Guinea