Firm set for gas project

 By GYNNIE KERO

AN umbrella company representing landowners from the Stanley Gas condensate project in Western is gearing up for spin off activities, an official says.

Stanley Resources Holdings Ltd chairman Rex Aipe said the company has machinery and equipment worth more than K5 million and had secured partners to participate during the construction phase.

The company, launched earlier this month, represents the interests of all the landowners in terms of the shareholding and representation of directors to its board.

But Aipe said the company’s activities were still pending awaiting the government and project developers to fulfill their commitments as agreed on May 30.

In a letter to the Department of Petroleum and Energy, he said the state had till the end of the month to meet its commitment as anticipated in development agreement signed on May 30.

Aipe said: “Stanley Resource Holdings Ltd has already entered into joint venture arrangements with several reputable international and national companies to build its capacity and importantly to participate in technical contracts that will become available at the project construction phase. 

“Under Clause 13.1, the State has made available K30 million kina as Business Development Grants and K15 million kina had been set aside for the provincial government whilst the other half has been made available to the landowners. 

“The K15 million made available for the landowners has been further split under clause 13.3 of the agreement according to the segment of the project. We are informed that, certain people with vested interests have made numerous representations with the Department and the Department of Commerce, Trade and Industry to access the Business Development Grants and accordingly we fear that grants may be subjected to abuse and misappropriation. 

“As the project umbrella company represents the interests of all the landowners of the project footprint, Stanley Resource Holdings Ltd is entitled to the Business Development Grants.”