K3.5 Billion in Kroton Shares to be Transfer to Landowners and Provincial Governments at Free Carry

Landowners and Provincial Governments in PNG-LNG project areas will receive tremendous benefit from the announcement by the Prime Minister, Peter O’Neill, that the Government will negotiate to transfer 25 percent of Kroton shares as free carry.

This is being done in the same was as shares in Ok Tedi were transferred to the people in Western Province, and the transfer of BCL shares to the people on Bougainville.
Making the announcement in Tari today, the Prime Minister said giving these shares to the rightful owners is fair and just.

“Today I am announcing that the National Government will transfer 25 percent of Kroton shares, which is 4.2% indirect interest in the PNGLNG project.
“The shares to be transferred to Landowners and Provincial Governments in Hela, Southern Highlands, Gulf, Western and Central Province, are valued at K3.5 billion Kina,
“Our Government is providing 25 percent of Kroton shares to Landowners and beneficiary groups that should rightfully be receiving benefits from the PNG-LNG Project.
“These shares will enable the Landowners and communities and the provinces to secure a better future and to be more self-sufficient.

“This Government has made it our business to correct bad decisions from the past, particularly when this relates to land ownership.
“I was not a signatory to the initial Umbrella Benefits Sharing Agreement in 2009, but I have made sure that our Government does the right thing by our people today.
“This in the same spirit as the transfer of 17.4 per cent of BCL shares to the landowners and people of Bougainville, by the National Government.
“It is the same as the transfer of 33 per cent ownership in Ok Tedi Mine Limited to the people of Western Province.
“Our Government is working for the people who have been disadvantaged and had been left to fend for themselves.
“We are correcting the bad decisions of previous Governments, and we giving our people the opportunity to advance their own lives.”