Hela Pipeline group agree to vendor finance

PNG LNG Beneficiaries from the Pipeline Segments of 1, 2 and 3 in Hela Province have thanked the Government and Kumul Petroleum Holdings Limited for offering the vendor finance option.

Chief of Nali Clan, George Nali, said this on behalf of his people when agreeing to exercise the vendor finance  option to acquire shares in Kroton No 2 Limited.

In a media statement from KPHL, Nali commended the Government for reducing the option price bought per percentage from $US240 million to

$US150 million and that the vendor finance option a generous offer to landowners to exercise the option without paying any fees.

He said his clan has trust in the Government and KPHL to properly manage their portion of the Kroton equity share when the oil and gas prices improve

“We have resolved our internal issues and agreed to sign and are now looking forward to work with Kumul Petroleum on exercising our option,”

“We have the confidence in KPHL under the leadership of Wapu Sonk and his Board. Hence, we opted to stay with KPHL,” Nali said.

Picture credit: KPHL

Cedric Patjole