Sunday, November 21, 2010
Somare plots to silence critics: Namah
Friday, November 19, 2010
James all geared up for Miss South Pacific title quest
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Miss PNG Rachel Sapery James sweating it out at the gymnasium in preparation
for the week-long Miss South
Pacific title quest that begins in
Port Moresby at
4pm tomorrow
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Gas project eyes more fuel output
ExxonMobil, partners: Initial production could be larger
EXXONMOBIL Corp and its partners in the PNG LNG project are likely to produce more fuel than they initially expected during the first phase of the project, online publication Bloomberg Businessweek has quoted analysts as saying, The National reports.
The venture initially may produce 6.9 million metric tonnes of LNG from two units, up from the 6.6 million tonnes previously projected, according to Credit Suisse and Citigroup Inc analysts who cover Exxon’s partner, Oil Search Ltd.
The Hides field drilling campaign next year is likely to underpin an expansion of the project to a third processing unit, Sydney-based Credit Suisse analyst Sandra McCullagh said after a visit to the project site.
A final investment decision on the next stage may occur in 2012, she said.
ExxonMobil and partners approved the development of the project almost a year ago.
The venture may double the size of
Government projections released during the handing down of the 2011 budget this week say that the economic growth will be over 20% from 2015, the first full year of export.
First exports are due in 2014, barring any disruptions. A third plant may begin in 2016, McCullagh said.
“We are increasingly confident Oil Search has additional growth opportunities that may boost earnings,” she said.
Oil Search rose 2.3% to A$6.67 at the 4.10p.m. close in
An additional unit, or train, producing 3.5 million tonnes of LNG annually, may cost about US$5 billion, Citigroup’s Mark Greenwood in
Nape: I will fight charge
NATIONAL parliament Speaker Jeffrey Nape has vowed to take on the opposition in court, saying he will vigorously defend the case brought against him, The National reports.
After trying for weeks to woo Nape’s support to push through a notice for a vote of no-confidence in Prime Minister Sir Michael Somare in parliament, the opposition attacked Nape after realising they would not succeed.
The opposition leaders filed a criminal complaint in court, summoning Nape to answer for alleged breach of the constitution on July 20.
The claim was in relation to Nape presiding over the proceedings of parliament on July 20 and certifying four legislations when he was the acting governor-general.
Nape issued a statement yesterday, saying: “I have been advised by my lawyers that the court action instituted against me by Sir Mekere Morauta is fundamentally flawed in a number of aspects which I will challenge in court.
“Firstly, as a veteran politician and lawmaker, Sir Mekere should know that, as a member of parliament and a party and witness to the case, I cannot be served with court papers within three days to or after the date appointed for parliament to sit. That is prohibited under the Parliamentary Powers and Privileges Act,” Nape said.
“Parliament was set to reconvene on Tuesday, Nov 16. I was served with court documents on Wednesday (Nov 17), one day after the time appointed for parliament to sit. That is clearly illegal.”
He said he would vigorously deny that section 95(4) of the constitution was breached.
Nape said Sir Mekere was abusing the court process by seeking criminal penalties and sanctions against him in aid of a civil claim for civil remedies against him in court.
“That is unlawful and highly improper.
“Sir Mekere is, in fact, usurping the powers of the police and public prosecutor by seeking criminal sanctions against me. There is no basis for this.
“That is a politically motivated action and Sir Mekere should be experienced enough to leave political issues outside of the judicial process to stop wasting the time of the people’s court.”
Nape was supported by Esa’ala MP Moses Maladina, who said the criminal proceeding was defective.
Maladina said any criminal proceeding should be brought by the state and its instrumentalities, and not individuals.
He said under section 6 of the Parliamentary Privilege Act, any member of parliament cannot be called in as witness three days before and after the parliament sitting.
Sources in Waigani said the move against the speaker showed the frustration felt by the opposition in its bid to remove Sir Michael in a vote of no-confidence before the “window of opportunity” closed.
“The opposition has been courting Deputy Prime Minister Don Polye, United Resources Party leaders William Duma and Anderson Agiru and Nape.
“And, the answer they got is ‘no’ from these leaders,” a source said.
Ex-soldier walks away with K91,000
By JULIA DAIA BORE
A RETIRED soldier who waited for so many years to get his entitlements from the Defence Force has been paid K91,000, The National reports.
Another ex-soldier received K50,000, the lowest paid out up to yesterday.
Both were among 14 already paid, out of 334 ex-servicemen who would be paid a total of K12.3 million for the years spent serving the force.
The pay-outs began on Tuesday, with K200,000 already paid out to the ex-servicemen.
Facilitator in the pay-out exercise Col Paul Mai confirmed yesterday that the payments were taking place at Murray Barracks in
He said because of no public listing on who was among the 334 eligible recipients, only 14 people had turned up these past few days.
Mai was hopeful that more would turn up today following newspaper advertisements listing the recipients.
The National Executive Council had sanctioned the pay-outs in decision No.159 of Aug 5 this year. However, the cheque payments were not processed until funding was made available recently.
PNGDF chief of staff Capt (navy) Alois Tom Urr had instructed on Monday that following NEC approval after screening the status of each group, 334 ex-servicemen were listed for payments.
Workers from the office of the attorney-general were assisting PNG personnel with administering the pay-outs.
Urr also directed that “the payments will not be released to a third party, including lawyers”.
“In the event where a serviceman has died, his next of kin with proper identification will be paid.
“No payment will be made if there is confusion and conflict over the identification of an ex-serviceman or his dependants. In such cases, the cheque will be returned to the AG’s office to be administered through the public curator’s office,” Urr said.
Security has been tightened at the pay-out station.
Somare: IPIC funds safe
PUBLIC Enterprises Minister Arthur Somare yesterday gave a full disclosure of the government’s funding of the liquefied natural gas project, saying the money, in a quarantined account, is safe and payments are on track, The National reports.
The minister was forced to give the disclosure in a media statement released yesterday, following a story published in the Post-Courier on Wednesday.
Somare said there was absolutely no truth in the Post-Courier story, which said that the government had lost A$300 million recently because it converted US dollars to Australian dollars in relation to the exchangeable bond issue with International Petroleum Investment Company (IPIC).
“The story is pure fiction because, as pointed out to the Post-Courier before its report, IPBC has not made any currency conversion recently,” the minister said.
The Independent Public Business Corporation (IPBC) concluded an agreement with IPIC in November 2008 to raise A$1.681 billion.
The exchangeable bond deal with IPIC was approved by the national executive council.
The transaction was concluded in March last year, and the funds were deposited in a quarantined bank account in
Somare said most of the funds from the IPIC transaction were converted at the time to US dollars with a portion retained in Australian dollars to cover the interest costs of the loan.
A sum of A$1.285 billion was converted to US$828.3 million at the prevailing exchange rate in March last year.
PNG LNG equity payments to the present time had amounted to US$525.5 million, while interest earned on funds totalled US$0.287 million and A$20.7 million.
The cost of the exchangeable bond transaction was US$18.7 million while the “coupon” payments on the exchangeable bond totalled A$135.6 million.
The net balances remaining in the quarantined accounts following these transactions and payments were US$493.7 million and A$262.4 million.
Somare said: “The details of these transactions were audited by the auditor-general for the year 2009.
“This accounting process has already been undertaken for 2009 when the funds were first received and placed in an escrow account and government payments made for sunk costs in the LNG project as well as for ongoing cash calls.”
Somare said he considered it highly improper for the Post-Courier, and any other media, to make false claims on issues of national importance, but it was even worse when news stories were based on fictitious information and unreliable and uninformed sources.
He urged the national media to take a more responsible approach, especially when it came to issues that were critical to social and political stability and future economic growth and prosperity.
