InterOil Corp. (IOC) said the PNG National Government has signed the company's Project deal for the construction of a liquefied natural gas or LNG plant in Papua New Guinea.
Following the Project agreement approval by the National Executive Council, the Minister for Petroleum Hon William Duma and acting Governor-General Allan Marat inked the deal securing PNG's second LNG project. The company stated that the signing was witnessed by the Prime Minister Sir Michael Somare.
The deal sets fiscal terms for a 20-year period, which include a 30% company tax rate and certain exemptions applicable to large scale projects of this nature, Interoil added. The proposed LNG project would be developed by InterOil and its joint venture partners Pacific LNG Operations Ltd. and Petromin PNG Holdings Ltd., targeting a $5 billion - $7 billion LNG facility, with multiple trains.
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