By SEPKOLIN WALNE
Deputy Opposition leader and Hiri-Koiari MP Keith Iduhu petitioned the government for fair representation and control over their 4.27% equity share within Kumul Petroleum Holdings Limited (KPHL).
Iduhu emphasized that the governance of the 4.27% equity share at the Plant site on behalf of the Central Province within KPHL should include beneficiary representation, dividend control, and reimbursement at cost over the life of the project, or alternatively, through a separate and dedicated Special Purpose Vehicle (SPV).
“The undersigned beneficiary under the 2009 PNG LNG Project Umbrella Benefit Sharing Agreement (UBSA), the Kokopo UBSA, and the 2009 License-Based Benefit Sharing Agreement (LBBSA) seek fair representation and dividend control.
“The entire downstream commercial core of the PNG LNG project, the gas liquefaction plant and export terminal are situated on customary land owned by Hiri West plant site landowners.
“The Hiri-Koiari, widely known as the district hosting the PNG LNG plant site and supplying water and power to Port Moresby,” Iduhu said.
Iduhu stated that the beneficiary group is entitled to an estimated 4.22% project interest, which is determined to be 4.27% due to a commercial option over an undivided and fixed 25.75% shareholding in Kroton.
“The national council decision number 64/2026 reaffirmed the commitment under the UBSA and LBBSA, approving the separation and transfer of the 4.27% profit equity into a new, dedicated product equity option SPV.
“The beneficiary seeks a separate and dedicated SPV to hold and manage their share directly.
“We request the government to consider the petition with urgency and implement the necessary legislative and policy measures to secure effective rights,” Iduhu added.