Polye queries LNG Revenue commitments outside of Sovereign Wealth Fund

PORT MORESBY: Opposition Leader Don Polye is concerned about the government’s prior usage of the LNG revenues without the establishment of Sovereign Wealth Fund.
“When the work on the set-up of SWF was still in progress, advance payments were made to purchase oil search shares and CUE Energy purchase.
“Such undermines the initial purpose of the fund,” said Mr Polye.
He reiterated that the funds from the SWF would have been accessed only through the budgetary process upon Parliament’s approval.
Polye said it was regretful to know that funds were used via abnormal processes without any sound economic justifications.
The Opposition Leader was responding to a media report, citing the government through the National Petroleum Company of PNG sourced advances from the anticipated LNG revenues even when the funds were not flowing into the public coffers.
He has queried NPCP’s claim that it received k1.1 billion as dividend from the LNG project.
“It is doubtful whether the company received this much because as far as I know the state’s shares of the LNG revenue has been mortgaged to service the controversial UBS loan of K3 billion,” he said.
He has warned the government to avoid smoke-screen strategies to hide the economic affairs of the country, saying the government must tell the truth.
Polye, who is proud of rejecting to trade PNG’s economic wellbeing for corporate interests, was sacked by O’Neill for rejecting to sign the UBS loan, which has poised many adverse socio-economic challenges for PNG to face.