Signing not setting option in stone: Sonk

KPHL MD Wapu Sonk.

By MATTHEW VARI

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



KUMUL Petroleum Holdings Limited has told the governors and landowners of the five beneficiary provinces if the PNG LNG project that the signing of the Kroton option to accept KPHL’s vendor financing arrangement is not set in stone.

Managing Director of KPHL, Wapu Sonk, said the signing was to meet the national government’s deadline extension of December 31st before it lapses.

“That does not mean that it crystalizes everything. We understand that it is undivided so we will address those.”

“What we are doing is that we have to cross the bridge and the governors are formally elected, they are mandated and they are the right authority to do it.”

“Government has not given any further extension, so Kumul, like I said is only a partial vehicle to facilitate this so you can access the option and we have provided a backstop option.”

He said it is a safety net that KPHL had always maintained.

“We are providing an option that will catch you up from the small 1% to the big 19% owner so that it becomes an option for everyone and everyone accesses the option.”