Prime Minister Peter O’Neill said the State will benefit up to 50 percent from the Papua LNG Project.
This is in addition to other benefits that the State will get through a National Content Plan and Domestic Market Obligation.
The Prime Minister said this in Parliament yesterday in its first sitting.
“I think we are aiming for very good benefits out of this particular project in terms of equity that we will fully participate in that. In terms of royalties, (and) domestic market obligation.
“For the first time, the developer has agreed that up to 10 percent of the gas will be made available to develop its energy capacity and the petro-chemical industry in this country.
“The company Total is showing very good social responsibility and its obligation to the nation, saying the total benefits of the project will equate to 51 percent of the take, which will be for Papua New Guineans.
“That includes taxes, equity, dividends, royalties and all the other benefits that will come as a result of the project,” said O’Neill.