Basil queries return of state shares

National, Normal

The National, Friday February 21st, 2014

 DEPUTY Opposition leader, Sam Basil says the Government does not have a plan for the return of Oil Search shares used as collateral to acquire a stake in the LNG project.

That was done through an International Petroleum Investment Corporation loan, he said with less than four weeks to go before refinancing occurs on March 14.

 “The Prime Minister, Peter O’Neill has already stated that the State will get back the Oil Search shares but with less than four weeks to go to the refinancing of the IPIC loan, the O’Neill government does not have a plan for the return of the Oil Search shares,” Basil said.

“What the opposition predicted will occur. The O’Neill government will say the best outcome was addressed and give the PNG public a mundane excuse as to why the Oil Search shares did not come back to the citizens of PNG.

“As stated in the budget accountability of the IPIC loan media statement, the opposition believes that Papua New Guineans need to know what is happening with the IPIC loan, originally financed in 2009.

“This is so that if the Oil Search shares are foregone as a State asset under the O’Neill government, then every citizen will know what they are trying to hide and judge them on the basis of the truth rather than what they give us,” Basil said.