Papua New Guinea’s first LNG Project has once again come into the spotlight, with its landowners petitioning the National Government over their proposed direct equity in the PNGLNG Project.
At a gathering today, landowners representing the different sections of the project signed a petition calling for, among other things, a more direct role in sourcing funding for their direct stake in the project.
They say a decision by the National Government to specifically authorise Kumul Petroleum Holdings Limited to act on their behalf has been unfair, as the proposed terms put forward by KPHL are unrealistic.
A petition put forward by the landowners now calls on the National Government to respond favorably to their demands.
The fourteen point petition calls for, among others;
- The National Government to rescind the decision to specifically authorise KPHL to act on behalf of landowners to source funding for the beneficiary group in regards to the 4.27 % equity in the PNGLNG Project, and
- To keep the window of acquisition opened indefinitely beyond December 31st, so as to allow the Beneficiary Group to acquire the direct equity following a due diligence exercises.
