5 Feb 2009

PNG Govt signs up its equity participating interest in liquefied natural gas project

8:01 am on 5 February 2009

Papua New Guinea's National Government has signed up its equity participating interest in to the country's liquefied natural gas project.

The National newspaper reports this week the Governor-General signed on behalf of the State a deed of waiver to release 19-point-4 percent of the State's equity towards the gas project.

John Leahy signed the deed on behalf of International Petroleum Investment Co or IPIC.

The deed assures that if IPBC was unable to pay for any gas project-related financial deals, the State would step in to bail it out.

The IPIC will be providing 1.68 billion US dollars to the PNG Government through IPBC in return for the exchangeable bonds that cover all of PNG Government's Oil Search shares.