State clears K120 million for project

 The government has approved a K120 million grant under the Stanley Gas condensate project in Western.

This was revealed by the Secretary for Petroleum and Energy Rendle Rimua last Saturday at the benefit sharing agreement forum in Kiunga, Western.

Rimua told the landowners that the Government realised that the project was small and approved the one-off grant.

Of the K120 million, business development, infrastructure development, high impact project development and special infrastructure project grants would each receive K30 million.

He projected that landowners would receive K9.26 million in royalty and K11.36 million in equity once the project gets off the ground.

Rimua said the Fly River provincial government and the three local level governments would receive a total of K24.07 million in royalty and the three local level governments would receive K9.85 million each.

Meanwhile for a start, the condensate would be produced and sold to the NapaNapa Oil refinery. 

The project’s lifespan is 30 years.