Gobe joins move to acquire Kroton equity

By JACKLYN SIRIAS
LANDOWNERS from the Petroleum Development License 4 in Gobe, Southern Highlands, are the latest group to join the acquisition of the Kroton Equity in the PNG LNG project.
The group yesterday signed their unit application form with the KPHL to exercise their option.
KPHL managing director Wapu Sonk said the entity did not want to see any beneficiary group lose out on its right to acquire interest in the project.
“The option to acquire shares in KPHL (Kroton No. 2) is one of the benefits agreed to by the State,” Sonk said.
He said this was set out in the Umbrella Benefits Sharing Agreement (UBSA) in 2009 for landowners and provincial governments.
“Under the UBSA, the State grants landowners and provincial governments a commercial option to buy 25.75 per cent of the shares in Kroton No. 2 Limited – the special purpose company that holds the State’s 16.57 per cent interest in the PNG LNG project,” Sonk said.
KPHL’s role is to implement the agreement and provide additional benefits for the bemeficiaries.
Representatives from PDL 4 signed on behalf of all beneficiaries in their area who will benefit from the equity.
Sonk congratulated the PDL 4 landowners for accepting the vendor finance which made them shareholders in the State’s nominee company.
He told the landowners that those signatories were just representaives.