Yawari cautions Petromin over transfer of stake

SOUTHERN Highlands Governor Hami Yawari has called on the Mineral Resource Development Company (MRDC) not to transfer Moran’s 20.5% stake to new oil and gas company Petromin.
“We have an agreement in place. Unless the landowners and provincial government say okay, you will not transfer our stake, otherwise you will be sued for it,” he said.
He claimed that he had received information that Petromin directors had approached MRDC to transfer over its gas and petroleum interest.
Mr Yawari said any transfer would require a review and amendment to the present agreement, adding that the same also applied to Hides gas, Gobe and Kutubu.
“We have a gas and petroleum agreement signed between the State, provincial government and landowners and we will not allow the (national) Government to transfer our interest to Petromin.
“If we want to transfer any interest from the petroleum and gas projects, then there must be a review undertaken between all interested parties,” he said.
Mr Yawari said if his PNG Conservative Party was elected to form the new government, it would review the existing shareholding arrangement among the Independent Public Business Corporation, MRDC and Petromin with the view of creating only one entity.
He said the current arrangement was not working as a lot of revenue had been spent on chief executives and management rather than contributing at least 50% revenue to the annual budget.

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