Prime Minister, Peter O’Neill informed parliament today that past national deals have been the cause of the state’s 3 per cent shareholding in the LNG project.
Mr. O’Neill blamed past governments, for failing to capture the full benefits of shares, by law. As a result, the country now owns 19 percent shareholding in the LNG project, and not 22.5 percent, which it is entitled to, under law.
The Prime Minister was responding to a question raised by member for Kerowaghi, Camillus Dangama. By law, the state is entitled to 30 per cent shareholding for mining projects, and 22.5 per cent for petroleum projects. But this is not the case with the LNG project.
Member for Kerowaghi, Camillus Dangama, questioned where the 3 per cent shareholding in the LNG was, and if anyone was benefiting from it.
In his response, Prime Minister, Peter O’Neill told parliament that the dilution of 3 per cent shares is a cause of past mining and petroleum agreements. He said this is a significant topic that was also raised in the last parliament.
Peter O’Neill agreed that the country has to move away from missed opportunities, and protect all resources by fully taking part in mining and petroleum activities.
He made reference to the government taking over 100 per cent shares in the Ok Tedi mine, and informed parliament that he will issue a directive to Petroleum and Energy Minister, Nixon Duban, to prepare a statement on the dilution of 3 per cent shares in the LNG project.
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