• PNG Business News

Over K50m Paid So Far To Plant Site Landowners

Landowners from the PNG LNG plant site in the Central Province, to date, have received more than K50 million.

Mineral Resources Development Company (MRDC) managing director Augustine Mano said the plant site landowners or Portion 152 landowners have been receiving their benefits since 2017 as they were the first to meet all the requirements of the Oil and Gas Act.

Mr Mano said these landowners have so far received K33.67million in royalty, K16.6 million spent on infrastructure projects in the community and K21.9 million invested in high value equities and government securities including the Dirio Power Project.

“For the people of Papa, Lealea, Boera and Porebada, we have delivered a rural hospital with modern facilities, new classrooms and teacher’s houses for schools, a new water supply system and dinghies to improve sea transport.

These community projects are making life a lot better for the people living there,” he said.

Mr Mano said MRDC was working with their landowner trust company to make prudent investments and these investments were already delivering good results.

“These investments were returning 12 per cent or better and that is very good.

The plant site landowners hold 12.5 per cent shares in Dirio power, a project with a better rate of return than most big projects people talk about,” Mr Mano said.

“Dirio will secure their future as it will be in the forefront of the government’s drive to increase household access to power nationwide in years to come.

“The pipeline landowners will also take up shareholding in Dirio Power.”

Meanwhile, he said Greenfield landowners in Hela and Western provinces have various disputes pending in court, hence has delayed bank account opening and election of directors, therefore the benefits entitled to them will remain in trust. Continue reading at https://postcourier.com.pg/over-k50m-paid-so-far-to-plant-site-landowners/ | Post Courier

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