K1b waiting for clans

 News that matter in Papua New Guinea

K1b waiting for clans

PORT MORESBY: About K1 billion in royalties is waiting to be distributed to landowners of the PNG LNG project, Prime Minister James Marape says.

He said the royalties would be distributed once the clan vetting process is completed but “I want them to assist in completing the process”.

The good news for the landowners were published by The National:

 

 

Clans told: K1bil waiting for you

August 20, 2021The NationalMain Stories

By GYNNIE KERO
PRIME Minister James Marape has reminded the landowners of the PNG LNG project that about K1 billion in royalties is awaiting distribution to them – once the clan vetting process is completed.
But he wants them to assist in completing that process, instead of blocking it.
“There are so many court cases filed (by you which are) stopping the process,” he said.
“Complete the process, assist the Department of Petroleum and Energy.
“We want to release these funds (to you) as soon as possible.”
He pleaded with the landowners to “assist the process”.
“We want to assist you to get the money and go back home instead of hanging around in Port Moresby doing nothing,” he said.
He said the K1 billion in royalties was kept at the Bank of Papua New Guinea.
Marape was yesterday focusing on the landowners in the upstream area who had “to be identified” through the clan vetting process before the distribution of the money could begin.
Marape blamed the delay in payment to landowners from petroleum development license (PDL) areas taking out court injunctions to stop the identification and clan vetting processes.
“Most landowner money from PDL 1,7,8,5,6, (remain) in our trust accounts,” he said.
“Close to a K1 billion is still sitting in the Central Bank trust account held by the Treasury and the MRDC (Mineral Resource Development Company).
“This is your entitlement. I appeal to all landowners: Please assist in completing the landowner identification and clan vetting processes.
“Don’t complicate the process by going to court.”
Marape also announced the establishment of the sovereign wealth fund (SWF), saying that for the first time, there is a clear policy on the payment of dividends from resource projects.
“As far as our country is concerned, the law has created that facility (SWF) with 7 per cent of all revenue from resource projects put into a sovereign wealth fund,” he said.
“We intend to use this facility this year.
“This will instill a savings culture in our Government.”
He yesterday received a K100 million dividend payment from the Kumul Petroleum Holdings Ltd (KPHL).
The Government expects the company to pay another K200 million to meet the full dividend payment of K300 million as appropriated in the 2021 National Budget.

 

 

Comments

Post a Comment

Popular posts from this blog

Growing unemployment rate in Papua New Guinea

Image
News that matter in Papua New Guinea Growing unemployment rate in Papua New Guinea (Employment stagnant since 2014) PORT MORESBY: Employment in Papua New Guinea (PNG) has remained stagnant since 2014 with millions of unemployed looking for jobs. The formal job market currently can only accommodate between 400,000 and 500,000, Institute of National Affairs executive director Paul Barker says. “As more young people enter the job market this year after graduating from tertiary institutions and schools, the chances of securing formal employment is slim. “Employment had remained stagnant despite the increase in potential workers coming out of educations institutions,” he added. Read on for more details as published by The National : Hard to get jobs January 27, 2022 The National Main Stories By DALE LUMA MILLIONS of eligible workers around the country are looking for jobs in the formal sector, which currently can ...
Read more

Sugu Valley tribal war death toll rises to at least 30

Image
News that matters in Papua New Guinea Armed tribal warriors on the move in Sugu Valley. Sugu Valley tribal war death toll rises to at least 30 PORT MORESBY: At least six tribes have been fighting in Sugu Valley (Kagua-Erave, Southern Highlands) since Feb 10, 2019, without any signs of an end and peace. In fact, the death toll has risen to at least 30, up from 11 on May 23, 2019, and the opening of a new battlefront in Sumbura near Poroma with multiple deaths reported in 24 wards. Armed tribal warriors on the march into the forests and jungles. PNG Cyber Monitor had on a May 25, 2019, posting ( https://pngcybermonitor.blogspot.com/2019/05/real-life-rifles-bows-and-arrows-bloody.html Real life rifles, bows and arrows bloody fights in PNG ) highlighted the bloody battle waged by tribal warriors armed with rifles, bows and arrows and knives. PNG Cyber Monitor is again highlighting the plight of the villagers who have been living in fear as reported by The Nationa...
Read more

Sorcery shame for Papua New Guinea in X’mas

Image
News that matter in Papua New Guinea Sorcery tortures and violence are still being practised in Papua New Guinea in this 21st Century digital era. Sorcery shame for Papua New Guinea in X’mas PORT MORESBY: It was international shame for Papua New Guinea (PNG) this Christmas when sorcery reared its ugly head. Six women were stripped, bound to poles and burnt with hot knives as they screamed in pain, watched by an unsympathetic crowd. In a video that has gone viral in the internet, the women were accused of practising sorcery in Southern’s Enga. Police Comm David Manning described the sorcery torture as vile, inhumane, uncivilised, void of any human decency. “Papua New Guinea cannot progress without letting go of these horrific traditional beliefs. We have launched an urgent probe into the incident in Aiya’s Pawayamo village in Kagua-Erave.” The news break was published by The National : Horror torture of women Decem...
Read more