PNG's Oro Provincial Government to receive K40 million Dividend from Oil Palm Shares
The Papua New Guinea's Oro provincial government is set to receive K40 million dividend from the Oil Palm shares.
Northern Governor Gary Juffa announced this in Numba, Afore Local Level Government yesterday.
Juffa said the National Executive Council had endorsed the shares which will be paid for Northern and Milne Bay.
“As part of the Oil producing province, Northern was supposed to receive dividend shares of about K3 million every year.
“The money was being paid to Kumul Consolidated Holdings, the business arm of the government.”
Juffa said in the last 35 years the government owed the people of Oro about K150m.
He said Oro provincial government will soon be receiving K40m.
Juffa added that Milne Bay picked up K51m shares because they have bigger land for Oil Palm and more shares.
“We fought for Oro and Milne Bay. That money will come to the province now to be used for the feeder roads.
“It will be used by our development vehicle, Northern Province Resources limited, business arm of the province,” he said.
Meanwhile, Juffa announced three major projects that have been secured with the development partners.
He said projects include the two highways, Afore and Kokoda and the rehabilitation of the Oro Bay wharf.
“For five years, the Australian government will be maintaining the highways under the Transport Support Sector Programme.”
Juffa said the Oro Bay wharf will be rehabilitated under the wharfs rehabilitation programme at a cost of K200m.
“When we build Managalas and Kokoda into the agriculture hubs of this programme where your cocoa, coffee and vanilla will be processed at the wharf and exported direct.
“It takes time to build a burnt house, it does happen overnight.
“Its’s working, we are moving forward, it’s not happening quickly my people, be patient, as a country we are only 47 years old,” Juffa said.
Statement
Post a Comment