K3.5 billion in Kroton shares to LOs, prov govts

THE government will transfer 25 per cent of Kroton shares as free carry to landowners and provincial governments in PNG-LNG project areas, according to Prime Minister Peter O’Neill.

This is being done in the same way as shares in Ok Tedi were transferred to the people in Western Province, and the transfer of BCL shares to the people on Bougainville.

Making the announcement in Tari on Wednesday, Mr O’Neill said giving these shares to the rightful owners is fair and just.
“Today I am announcing that the National Government will transfer 25 per cent of Kroton shares, which is 4.2% indirect interest in the PNGLNG project,” he said.
“The shares to be transferred to landowners and provincial governments in Hela, Southern Highlands, Gulf, Western and Central provinces, are valued at K3.5 billion,
“Our government is providing 25 per cent of Kroton shares to landowners and beneficiary groups that should rightfully be receiving benefits from the PNG-LNG Project.
“These shares will enable the landowners and communities and the provinces to secure a better future and to be more self-sufficient.
“This in the same spirit as the transfer of 17.4 per cent of BCL shares to the landowners and people of Bougainville, by the National Government.
“It is the same as the transfer of 33 per cent ownership in Ok Tedi Mine Limited to the people of Western Province.”

Leave a Reply

Your email address will not be published. Required fields are marked *