By Philip Undialu Hela Governor - via Facebook Post
One of the reasons why myself and two Hela MPs (J.Marape & M. Makiba) as well as SHP Gov Powi resigned from Government was because of total failure by PM to deliver his 2017 Election campaign promise to deliver 4.27% Kroton Equity free of charge.
Kumul Petrolum Holdings Ltd is earning around K1.8billion per year from the 16.4% share from PNGLNG of which 4.27% belongs to landowners and 5 Provincial Governments (Hela, SHP, Western, Gulf & Central). That means, KPHL has so far earned K450m per year. So since 2014 to 2019, we stand to loose K450m x 6 years = K2.7b.
Why this commitment has not being honored? The reason is because PM has mortaged our shares with K3b UBS loan. Worse still, he has nominated KPHL as Guarantor for Papua LNG. Before our 4.27% is further tied to another loan, I call on PM O'Neill release it.
Apart from that my request for review on the Royalty and Development Levy payments fall into deaf years. There's no point the government who dont listern to such genuine calls.
Finally, 500 plus LBG shipments done. At K150m/shipment the PNGLNG Project already made K75billion. Yet, the landowners and Provincial Governments yet to receive what is due to them..
May I also call on MPs of Hela, SHP, Western, Gulf and Central Provinces who remain with Government to resign and we change the government. I fail to understand why you continue to support the very government robbing our people K450m every year?
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