GR PNGLNG Pipeline announces royalty and dividend payments

Gas Resources PNGLNG Pipeline Limited (GR PNGLNGP) Board today announced it has approved a combined dividend and royalty payment to be paid to project area landowners from Segments 2 and 3 of the PNGLNG Pipeline license No. 4(PL4) area.

The payment details will be announced by MRDC tomorrow (Saturday 7 August) at Benaria village in Komo-Magarima District, Hela Province.

These payments follows the completion of bank account opening for each benefitting clan, and the appointment of a director to the board paved the way for payment of the benefits, which is 40% of total royalty and equity benefits available to them.

30% is allocated for the Community Infrastructure Trust Fund (CITF) and another 30% is in Future Trust for investment purposes, a requirement of the Oil and Gas Act.

Dividends for subsequent years will be paid once the audit of the accounts are completed up to the last financial year. Royalties will also be paid once they are received from State. 

Segments 2 and 3 covers the Benaria & Homo-Paua regions of Hela and consists of 174 benefitting clans. 

These areas are part of the eight segment areas, which are PNG LNG project impacted area.

For media enquiries, contact: 

MRDC Corporate Communications

 Email: CorporateComms@mrdc.com.pg