Andagali assures LOs on equity option

The 4.27 percent equity option belonging to beneficiary groups, under the Umbrella Benefit Sharing Agreement (UBSA), has not been mortgaged against the UBS Loan taken out by the Government.

This was stated by former Kumul Petroleum Holdings Deputy Chairman, Larry Andagali.

He gave the assurance yesterday during a meeting between Kumul Petroleum Holdings Limited and all landowners affected by the PNG LNG Project.

“4.27 pesent ikuiti blo yupla mipla no mogijim. Mi bin sindaun na mi mekim shor osem at the board level. That did not happen,” said Andagali. (We did not mortgage the 4.27 percent equity belonging to you. I’m made sure whilst on the board that did not happen.)

Andagali said the landowners now have to work together by presenting ideas on how to finance the 4.27 percent commercial equity option under the UBSA.

Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, also said none of the share in Kroton have been mortgaged by the state.

He said Andagali was there and called on the landowners to speak to him regarding the matter.

Landowners also called for a review of the UBSA signed in Kokopo in 2009 to clarify technical aspects of the agreement.

Andagali informed them that the Government agreed for a forum to review the UBSA.

“Within that time we will go through and define all the definitions and interpretations and clarify them,” he said.

Cedric Patjole