PM: K500mil for LNG beneficiaries in account

PRIME Minister James Marape says almost K500 million is sitting in a trust account for the beneficiaries of the PNG LNG project.
He told a radio talkback show yesterday that the monies were being kept in trust due to pending court cases which had prevented the payout of funds.
“PNG LNG benefits is a sad thing for me in the sense that I was around in 2009 when the UBS agreement was pushed through,” he said.
“After the first shipment (of gas) in 2014, and many shipments after that, landowner funds are accruing and sitting in the bank as royalties and equity,” Marape said.
“But all these have been stalled by many competing court cases that are currently on foot in our National and Supreme courts.”
Marape said he had directed the judiciary, through the Ministry of Justice and Attorney-General, to ensure landowner cases were heard and decisions made for payouts to be made.
“As I was advised, we have close to K500 million sitting in trust.”
However, the prime minister said he had issued instructions for part of the funds to be released to beneficiaries without any dispute.
“I have instructed to have funds released to those areas that do not have disputes,” he said.
“And on record, the plant site landowners are already recipients of benefits from the PNG LNG project.
“But some segments of the pipeline, and some segments upstream in Southern Highlands, Hela and the PDL (petroleum development license) areas that have courts cases, are still going back and forth.
“I have appealed to them to resolve these cases out of court.
“Some have listened and some are still in court.
“And the court processes have prevented us from releasing their benefits.
“I hope that within this year, many if not all of the court cases can be resolved and we can start paying our landowners.”