WHAT URGENCY IN PRIVATE INVESTMENT IN OIL SEARCH Everybody knew that by March this year, IPIC loan should be settled. However last year, no mention was made as to the financing of the loan. If i recall the Opposition placed public advert in July last year to get government commitment to settle the loan and it raised again in August and November parliament. In budget session Hon Namah asked why the loan repayment figures not incorporated. Also mentioned k600 million of landowners equity in the project. Hon Polye and ONeil and most mp from Hela and SHP shouted down Namah. To finance state liability, you cant look for money not appropriated in the budget with normal financiers and Arabs said why get One billion now in cash when we can keep ten percent shares in Oil Search and earn tens of billions over the life of LNG. When IPIC opted for shares, the IPIC deal has been settled. Yet why another loan into a new investment in oil search as if there is national emergency. Yes we have urgency to fix roads, health and education facilities and growing the economy but not in oil search emergency when we can acquire shares on the open market even at lower price or with proceeds in the Sovereign Wealth Fund.
Posted on: Sat, 29 Mar 2014 13:20:13 +0000
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