Prime Minister James Marape has defended the Government’s restructuring of the 4.27 percent PNG LNG equity benefit in Parliament.
He was responding to questions from Hiri-Koiari MP Keith Iduhu, with supplementary questions from former Prime Minister Peter O’Neill.
He assured Parliament that all stakeholders will be fairly included and benefit from the arrangement.
He said the restructuring is not intended to divide or exclude any group but to protect and sustain long-term wealth from the PNG LNG Project for future generations, in line with the 2009 Kokopo UBSA agreement.
Marape noted that the equity was a government goodwill arrangement for about 60,000 landowners and five provinces, not a legal entitlement.
The Prime Minister also clarified that the proposed Kroton Equity Option SPV will ensure continued participation for all beneficiaries while managing the asset as a long-term, wealth-generating structure similar to a sovereign wealth fund, rather than a short-term cash payout system.