PM Marape Says PNG LNG Has Cleared All Financial Obligations

 Prime Minister James Marape says Papua New Guinea’s LNG project has reached a major financial milestone after settling all outstanding loans used to build the multi-billion-kina development.

PM Marape  Says PNG LNG Has Cleared All Financial Obligations

He said the full repayment of debt marks a turning point for the project, allowing it to move forward without the burden of bank financing while continuing to deliver returns to the country.

Mr Marape made the announcement while visiting the LNG facilities, saying the project’s journey from planning to full operation was made possible through cooperation between landowners, government and development partners.

The Prime Minister said financing for the project was secured during a challenging period for the global economy, yet confidence in PNG allowed international lenders to support the development.

He also paid tribute to the late Grand Chief Sir Michael Somare for his role in ensuring landowner agreements were finalised and that the project was given political stability during its early stages.

According to Mr Marape, the PNG LNG project has contributed billions of kina to the national economy through taxes, dividends, royalties and employment opportunities across several provinces.

“PNG LNG is now debt-free and standing on its own feet as a world-class asset for our country,” Mr Marape said.