PNG LNG REVENUE COMING IN

ROYALTY funds flowing in from the PNG LNG project are being put in a trust account with the Bank of Papua New Guinea (BPNG), an official says.

Petroleum and Energy Department secretary Rendle Rimua said these funds would be released to landowners once the different clan vetting phases were complet. Bank of PNG Governor Loi Bakani yesterday confirmed that the bank had received monthly royalties from ExxonMobil PNG Ltd which was close to K1 million.

He said: “Royalties that are paid by the LNG project has started in May since the first export, its not a big amount. 

“It’s small amounts every month paid to us, it (royalty) started off with less than a million kina, buts its growing based on the volume and shipments,” Bakani said. 

“The more shipments you make in a month, looking at the shipments in the last two months, it’s going over K1 million now.

“The distribution I’m not sure, probably there is a formula on how the funds will be distributed. 

“So that is the kind of revenue that is coming in from the LNG project, every other taxes, dividends all these types of will be effected next year.

Petroleum and Energy Minister Nixon Duban said the recently revived Independent Issues Committee would look into issues of clan vetting and other issues related to the LNG project.