The PNG LNG project impacted area landowners in Hela Province will receive royalty and dividend payout tomorrow.
Gas Resources PNGLNG Pipeline Limited (GR PNGLNGP) Board has approved a combined dividend and royalty payment to be paid to project area landowners from Segment 2 and 3 of the PNG LNG Pipeline License No.4 (PL4) area.
Segments 2 and covers the Benaria & Homo-Paua regions of Hela and consists of 174 benefitting clans.
There areas are part of the eight segment areas, which are PNG LNG project impacted area
MRDC will make payments at Benaria village in Komo-Magarima District, Hela Province.
These payments follows the completion of bank account opening for each benefitting clan, and the appointment of a director to the board paved way for payment of the benefits, which is 40 per cent of total royalty and equity benefits available to them.
Thirty per cent is allocated for the Community Infrastructure Fund (CITF) and another 30 per cent is in Future Trust for investment purposes, a requirement of the Oil and Gas Act.
Dividend for subsequent years will be paid once the audit of the accounts are completed up to the last financial year.
Royalties will also be paid once they are received from State.