Foundation receives K1million

The National National
Petroleum Resources Kutubu directors John Kapi Natto, Chris Haiveta and Augustine Mano with Sana Somare representing the Somare Foundation, displaying the cheque which PRK handed to the foundation to help build the legacy project. – Picture supplied

THE Somare Foundation has received a donation of K1 million from Petroleum Resources Kutubu (PRK) which will go towards developing the Kreer Heights Project, a legacy for Papua New Guinea’s founding Prime Minister Grand Chief Sir Michael Somare.
The pledge for the donation was made in March last year at the national haus krai in Port Moresby, following the passing of Sir Michael.
The PRK board approved the donation given Somare’s long association with PRK and the MRDC Group, and the leadership and guidance he provided as shareholder/trustee in the growth and expansion of the company.
PRK chairman John Kapi Natto, accompanied by directors Chris Haiveta and Augustine Mano (Mineral Resources Development Company managing director) travelled to Wewak earlier this month to present the donation to the foundation.
The directors visited the project site at the Somare residence at Kreer Heights, paid their respects at the grave of the Grand Chief, and were given a briefing on the project.
Mano, who is a PRK director, told the Somare family the donation was a way of PRK beneficiaries saying thank you to the grand chief for his immense contribution to the growth of their company and the benefits they received.
“On the day Somare appointed me managing director of MRDC in 2008, coincidentally was the same day I signed the coordinating development operating agreement for the PNG LNG project with other partners which paved the way for the project,” he said.
“This cemented PRK as an equity joint venture partner in the project, and did not dilute its equity as a trade-off for free carry.
“This is the main reason PRK total assets has grown significantly from K400 million in 2007 to be worth around K3 billion today.
“PRK is the biggest company in the entire MRDC group.
“It is owned by landowners in Kutubu and Kikori, and the Southern Highlands, Gulf and Hela provincial governments.
“We made a commitment. We are here to honour that commitment.
“PRK will always have a special relationship with the grand chief. We’ve come to pay respect to the grand chief.”