Central completes K1million subscription to gas corporation

CENTRAL has paid its K1 million share subscription to the National Gas Corporation (NGC), Central Governor Robert Agarobe says.
“We are the second province, after Manus, to take advantage of the Domestic Market Obligation which starts next year. Five per cent of the country’s gas must be processed onshore,” he said.
Agarobe said, on Friday, that Central was now a shareholder of any downstream processing activities of oil and gas projects undertaken by NGC. “We will also come in as another investment partner because we have resources to back what you are planning on doing, such as land and labour,” he added.
Agarobe said the province was also planning on building a technical school that was directly in line with this arrangement.
“This is an investment that we are doing to drive our future generations.”
NGC chairman Alfred Kaiabe said Central had paid K50,000, initially, and had now completed its share subscription with K950,000.
Kaiabe said the NGC was owned by all 22 provinces by law and was about translated national goals and principals to equally share the national wealth.