THE cost of planning and preparation of PNG’s multi-billion kina liquefied natural gas (LNG) project has reached K8.2 billion to date with outstanding targets achieved, Treasury Minister Don Polye said.
In his ministrial statement to Parliament yesterday Polye produced the status report of the project indicating significant achievements in terms of building of the facility against the estimated timeline of 40 million hours used, bringing the overall completion to more than 80% on track.
According to Polye the project is progressing in development phases and is on schedule for the first LNG deliveries to begin next year.
“It is our belief that the PNG LNG project alone will transform PNG from a resource-rich cash-poor country and if revenue from this project is managed and used carefully we will have a better future,” he said.
Polye said the country was excited about the project which would greatly increase the economic status of the country.
His report indicated status of construction, workforce development, economic impacts on the people and economy, infrastructure, State commitments and future developments.