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More than K300 million (US$88.6 million) will be injected into the Papua New Guinea economy as soon as the Mineral Resources Development Company (MRDC) opens up landowner accounts in the oil and gas project areas.
Former Minister for Petroleum Fabian Pok said that he was happy to be Minister and has provided the much-needed leadership for landowners to receive their outstanding royalty and equity benefits after the first flow of oil and gas more than 15 years ago.
Pok said when MRDC travels to the project areas and opens up bank accounts, the K300 million sitting in the trust account at the Bank of Papua New Guinea will be released to those individual accounts.
“Over K300 million (US$88.6 million) sitting in the bank will hit the PNG economy.
“It will help ease the cash flow situation and landowners will at least be getting their royalty money,” he said.
MRDC managing director Augustine Mano has informed the landowner beneficiaries from PNGLNG pipeline segments 1, 2 and 3 in Hela Province that MRDC will be conducting clan benefit certificates, clan bank account opening and election of board director – Gas Resources PNGLNG Pipeline Limited.
The MRDC will be conducting the exercise in Moro, Kutubu, Juni, Hides on June 17 and Benaria on June 27.
Dr Pok said clan vetting for Hides PDL2 and PDL7 has been completed and a ministerial determination signed.
But some landowners have taken the matter to court and that is slowing down the process.
But the pipeline landowners have now been completed and they will get their benefits.
Dr Pok also appealed to landowners who have taken the matter to court to withdraw their court cases so that it does not deny the innocent village mothers, children and the old to at least have a kina in their pocket for their resources.
“The Member for Tari-Pori and new Prime Minister is a landowner himself who comes from the resource-rich Hela Province.
“It will be embarrassing to the Prime Minister,” he said.
Pok said the issues raised by the landowners in court can be addressed and resolved amicably outside the court room....
SOURCE: POST COURIER/PACNEWS
Pacific Islands News Association
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