PETROMIN NEWS

Petromin Withdraws Judicial Review Through Consent Order

Petromin PNG Holdings Limited has withdrawn the Judicial Review seeking declaratory and injunctive Orders on the nomination of IPBC as the State Nominee in the PNG LNG project.

Chairman of Petromin, Mr. Brown Bai, said after further consultation with the Petromin Trust Managers and the Trustee Shareholder (Prime Minister) the State has agreed that Petromin is in the PNG LNG project, in the context of the recent NEC Decision nominating IPBC as the State Nominee.

“The parties have mutually consented for Petromin to be part of the Joint-Venture.

“This is the sort of clarity that the Board was seeking. As it is, the NEC Decision does not make any mention of Petromin.

“What the Board was seeking was for Petromin to be in the project through a JV structure that it was negotiating with the State, consistent with Petromin’s legal mandate,”Mr. Bai said.

Mr. Bai said both Petromin and IPBC have a role to play in the overall development of PNG and it is important that they work together to facilitate the realisation of the PNG LNG project.

In the meantime, Mr. Bai said financing of the State’s equity in the LNG project is a separate issue. He said Petromin did not seek Judicial Review on this matter.

“Petromin sought legal redress on the process of nomination, not financing”, Mr. Bai said.

He said how the State finance its equity is the State’s prerogative. Petromin would work with the State to facilitate its participation in the proposed Joint Venture purely on commercial terms.