PNG Landowner companies benefit from K2.7bn

EXXONMOBIL PNG Limited, the operator of multi billion kina PNG LNG Project has so far injected more than K2.7 billion (US$1.12 billions)into the landowners companies (Landcos) alone along the project footprint while nearly K11 billion was injected on other services.

Managing director (MD) of ExxonMobil PNG Limited Peter Graham at a media update on the PNG LNG Project on Friday at the company’s’ head office in Port Moresby said, "as of June 2014, the Project’s, (PNG LNG Project) total Landco spend had grown to more than K2.72 billion.

"Nearly, K11 (US$4.53 billion) was spent on combined Lanco and non-Landco services," Mr Graham said.

The MD said apart from the money injected into the Landco services, the Project also established the Enterprise Centre, formerly Bankers College located within the Institute of Banking and Business Management premises at Konedobu to help the Landcos to venture into small business in which the Project can contract them for services.

Mr Graham highlighted that the Enterprise Centre, has assisted more than 17,000 Papua New Guinean entrepreneurs and provided over 10,000n training days since April 2010, all relevant to the PNG LNG Project.

On the workforce development, he stated the workforce peaked at the end of 2012 with 21,220 workers including 8,500 nationals while more than 2.17 million hours of training delivered through some 13,000 training activities.

"A further 140 PNG operations and maintenance technicians have been trained, establishing the future core of the PNG LNG Project workforce.

"A significant effort placed on preparing the workforce for demobilisation process has gone well," Mr Graham stressed;

Meanwhile, it was also briefed that the Project has invested more than K580 million in infrastructure and community development focused on education, woman’s empowerment, the environment, community health, roads and agriculture.

The beneficiaries of the K50 billion plus project includes the landowners in gas resources areas (PDLs), pipeline route landowners, (PL), LNG Plant landowners (PPFL), Provincial Governments, and the affected local level governments of Hela, Southern Highlands, Central, Gulf and Western provinces.

PNG Today/Post Courier