Where has OSL’s K11.9bil gone to?

Letters, Normal

The National – Thursday, December 16, 2010

THE recent mining and petroleum conference in Sydney was an eye-opener of sorts.
Sir Michael Somare predicted an unprecedented economic growth.
He said the US$16 billion LNG project would improve our social indicators.
But he did not say how the people on the project areas stand to gain nor did he mention anything about the MoA funds.
Communities in the project affected areas have no basic infrastructure and services like education, health and roads.
Because of the LNG project, they found themselves all of a sudden being crowded out by outsiders, increase in law and order and introduced to foreign diseases such as STIs and HIV/AIDS.
Then the bombshell came when Oil Search boss Peter Botten said the company had paid out a massive K11.931 billion since 1992 to the stakeholders but there was nothing on the ground to see for all that money.
Where have all that money gone to?


Mineral boom
Port Moresby