Prime Minister Peter O'Neill has confirmed that the country has so far made over twelve shipments of the PNG LNG Gas to overseas markets.
He told Parliament during question time today that each shipment cost at least 50 million U-S Dollars or around 117 million Kina, respectively. But the Prime Minister said the government has not yet received its share of the revenue as it is being kept safe by developer ExxonMobil until all process is complete. "All the funds are being parked in the trust account, that is coming from this sales, ah Mr Speaker no revenue as been distributed to any of the partners, until the landers and the insurance companies gave a completion clearance and grantee that there must be a 120 days of continuous flow of Gas to the processing facility at portion 152. And Mr Speaker, after the grantee has been issued the by landers, the funds would be then distributed to government and all the other stakeholders, so we have no reason not to trust our partners, they have done the great job." Mr O'Neill said revenue from this project is expected to go into government's coffer by next year and beyond. He further said the country is expected to receive at least 30 billion U-S Dollars from this project in its life span of over twenty years. The Prime Minister said the government however is working on establishing the Sovereign Wealth Fund so this revenue can be managed well. He said the enabling legislation of the Sovereign Wealth Fund is being developed and is about to go before parliament for passing to effect the establishment of the fund. The Prime Minister was responding to questions by Member for Kandep Don Polye and Deputy Opposition Leader Sam Basil, respectively. Comments are closed.
|
Papua New Guinea Breaking NewsPapua New Guinea daily News updates Let Your Voice be heard: Submit your news articles, commentaries, letters , Photos, Media Releases etc to us on this email: pngfacts@gmail.com
Mining & PetroleumTop Links |