Free equity a must in the future: Potape

Acting Governor for Hela Francis Potape.

By MATTHEW VARI

Sunday, January 1, 2017 (Sunday Chronicle, PNG)



BEFORE putting ink to paper on Tuesday to sign Hela province to the Kroton vendor financing option- Acting Governor for Hela, Francis Potape has renewed the call for free equity to be considered by the National Government in the future of the PNG LNG project.

He said this when speaking about his reasons as governor to sign onto the much talked about vendor finance option through Kumul Petroleum Holdings Limited’s (KPHL) Kroton Equity in the multibillion kina project.

“The best option through the landowners and the provincial government that the State can offer is free equity.”

“That is the very best option, but that option is not available on the table and we want that option to be available sometime in the future.”

“With the number of people who will be benefiting from the LNG project is too many, 60,000 people, and when you look at the amount that each person will get is almost nothing,” the acting governor said.

He said the reality was that it was not on the table currently, so the next best option for his province is Kroton Equity, apart from various proposals touted about on the subject.

“And there are also no other option available- we have too many experts and too many people out there promoting different options but to this very day there is no option with the money.”

“The only option with the money is the one with the vendor finance.”

“On behalf of the Hela provincial Government and the Hela people I want to commend the government for making that option available. They have tried to take it back but we have asked them to put it back on the table and they have done that,” Potape said.

He also commended KPHL for being a lifesaver for the moment.