NEC backs Papua LNG agreement
The National Executive Council has agreed in principle to back the signed Papua LNG project agreement in the best interest of the State.
The Minister for Petroleum Mr Kerenga Kua said the NEC met on Friday August 2.
At the meet they discussed the result of the review conducted by a state negotiating team and has agreed in principle that the State should stand behind the signed agreement in the best interest of the nation.
“However, the State has reserved its rights to discuss a shortlist of matters to be discussed with the developers,” he said.
“We believe that what we have discussed and agreed to are favourable and will not affect the general economics and fiscal terms of the Papua LNG Gas Agreement.
“However those matters are of relevance to the State.
“And this will be placed on the table for consideration by the joint venture partners.
“In view of the very limited agenda items identified for discussion, the NEC does not believe it will take more than two weeks to conclude.”
The discussions will continue this week starting today Monday 5 August.