Bid to Refinance IPIC Loan Underway

Prime Minister Peter O’Neill revealed this in parliament this morning thatthe government has publicly tendered for financial institutions to refinancethe loan of 1.5 billion Australian dollars, obtained throughthe IPIC deal to finance its equity inthPNG LNG project.

Prime Minister O’Neill was replying to a series of questions asked bythe Member for Chuave, Wera Mori.

O’Neill saidthe IPIC deal was done to securethe government’s 19.5% equity inthPNG LNG project.

The deal included mortgaging boththe 17% shares in Oil Search and State-Owned Enterprises.

Prime Minister O’Neill saidthey are now inthe process to buy back those shares, and also to getthe SOE’s out ofthe mortgage.

He said Oil Search wasthe second largest shareholder inthPNG LNG projectoand withthe project now on target for first shipment next year, it was important to buy backthe shares.

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