Marape assures LNG landowners

By MATTHEW VARI

Sunday, March 30, 2014

MINISTER for Finance James Marape has assured landowners of the LNG Project areas that their funds from royalties to be derived from the project will not be affected by the governments recent UBS loan agreement.

In a conference held last week at Vulupindi Haus in Port Moresby, Minister Marape said there was nothing illegal about what they had done dispelling rumours that royalties for landowners would not be given as a result of the loan.

“As far as I know sitting in the department- there is nothing illegal about this, as I speak let me appeal to all landowners in the PNG LNG project,” he said.

“There is this rumour that we have mortgaged all the revenue from the PNG LNG Project.”

“Let me say that those mortgages do not impede in any way revenue flow to the nation from the PNG LNG project.”

He said that flow of royalties was guaranteed as such that he would be opening landowner trust accounts for funds meant for them to put into to be set up before the flow of revenue to begin towards the end of the year.

“Next week I will be opening LNG landowners trust accounts, and as revenues hit as far as royalty is concerned later this year.”

“The accounts are to be opened to keep the landowners money in there waiting proper landowner identification and clearance so they can get their money.”

“Money will start to flow into government caucus as far as the LNG revenue is confirmed- whether it is state revenue or landowner revenues, it will flow late of this year, and will not be in anyway impeded by the Oil Search Share purchase,” he added.