The acquisition of additional equity increases PNG shareholding in the LNG Project, according to the State-Owned Enterprise Minister William Duma, in response to the finalization of the finance arrangements for the purchase of an additional 2.6% equity in the PNG LNG Project. A please Minister Duma said this acquisition will have a long-term benefit for the country. “I am glad that Kumul Petroleum has been able to raise sufficient funds for the purchase of an additional 2.6% interest in the PNG LNG Project from Santos.” The Minister went onto outline that the longevity of the PNG LNG Project, saying that it will be using the existing PNG LNG Project plant to earn a tolling fee from processing gas from the forthcoming Papua LNG Project. “I would like to thank the joint venture partners of the PNG LNG project for their cooperation in allowing this transaction to proceed.” “Financing documentation for this equity acquisition arrangement will be complete by 31 January 2024.” “The transaction is in line with the Marape-Rosso Government’s strategic ‘Take Back PNG’ approach to development of the country’s natural resources.” Duma said although this exercise had taken longer to wrap up, the acquisition of additional equity was important to ensure greater national long-term income foundation LNG Project that will benefit the State directly. “It will also enable Kumul Petroleum to strengthen its balance sheet and cash flow to participate in the Papua LNG Project, develop its operated petroleum licenses and expand its developmental and nation-building activities.”