O’Neill to table KPHL report in parliament


PRIME Minster Peter O’Neill is expected to table the Kumul Petroleum Holdings Report in Parliament and make public information on the State shares in Oil Search which have been sold.
Responding to Moresby North-West MP Sir Mekere Morauta who asked about the net outcome of the 9.8 per cent stake in Oil Search Limited that had been divested, O’Neill said KPHL held the shares in Oil Search and not the State.
“KPHL held shares in Oil Search not the State. I don’t need to labour on this anymore because the shares have been sold to any of the existing shareholders in Oil Search,” O’Neill said.
“It’s sold to many companies and it is publicly-listed company and anyone can have asses to buying these shares when they are on offer.
“The collar loan protected KPHL from some of the share price drops. They will calculate and report on the net outcome of the transaction.”
KPHL recently sold its shares in Oil Search Limited and thus ceased to have any interest in the company.
It will continue to be responsible for managing the State’s 16.77 per cent equity in the PNG LNG project.
KPHL made about K100 million (A$35 million) as a result of the transaction.

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