Polye to sell Oil Search shares to fund autonomy plans

Opposition Leader, Don Polye, says he will sell off the State’s 10.1 per cent share in Oil Search and also abolish four Government departments to finance autonomy plans for several provinces.

Speaking in Kokopo, East New Britain, during the Triumph Heritage Empowerment Party campaign launching on Saturday Polye announced the ambitious plan.

He said the actions would be taken if THE Party forms the next Government.

Polye promised ENB autonomy and claimed that other provinces such as Eastern Highlands, Western, Milne Bay and West New Britain were also ready for autonomy.

If questioned by critics on how the undertaking would be funded Polye said, "I will sell off our 10.1 per cent shares in the Oil Search Limited at K1.5 billion to untie proceeds from the LNG project, which are currently servicing the K3 billion UBS loan. 

"I will save about K3 billion from the rationalisation of public service machinery. The Departments of Personnel Management, Mining and Petroleum, Planning and Community Development will be abolished," he said.

Polye added he would only need K4.5 billion to implement those policies.

Loop file photo