Five provincial governments in the PNG LNG Project have signed an agreement to exercise the Kroton Equity Vendor Finance Offer.
The signing will see financing offered by Kumul Petroleum Holdings Limited for the 4.27% stake in the project.
The agreement will see KPHL provide a vendor finance option for stakeholders in the PNG LNG Project.
The offer also gives an option to landowners, or Provincial Governments to pull out of the deal if a better option arises. KPHL Managing Director, Wapu Sonk made it clear that the agreement is a bridge so stakeholders can exercise the option before the deadline of 31st December.
The Governors believe the State offer is the best solution for all stakeholders in the PNG LNG Project.
The Governor’s specifically mentioned that all the steps taken are under the UBBSA signed in Kokopo in 2009.
Southern Highlands, Hela, Central and Gulf province signed the agreement yesterday in Port Moresby. Governors’ Francis Potape, William Powi, Havila Kavo, and Kila Hoada signed the agreement at the KPHL’s board room in Port Moresby’s down town.
A few landowners in the green field and brown field were also present to witness the occasion.
