KUA SATISFIED WITH P’NYANG GAS PROJECT DECISION NBC News PNG Petroleum and Energy Minister said he is happy with the government’s decision to let go of the negotiations on P’nyang Gas project. Kerenga Kua said this after the State and developer Exxon Mobile failed to reach an agreement in the interest of the country. He said PNG stands ready for any project development but as long as it is in the best interest of the country and people. Minister for Petroleum and Energy Kerenga Kua has accused ExxonMobil of seeking to exploit PNG’s economic weakness. “The entirety of the negotiation has been a fuss, there was no chance of an agreement ever being reached anyway. “Parties need to make sure they are coming in prepared to do a deal with good faith. “Exxon came in, to exploit our weak economic circumstances, how could we ever strike a deal with this kind of mindset, it was not possible, and it took three months to prove that out. ”And the only way to go forward is if somebody comes up and is prepared to talk to the government on the terms that the government prefers. He made this remark after the State and joint venture partners of the P’nyang Gas Project in Western Province could not agree to the terms of the project. Prime Minister James Marape recently announced the cancellation of the negotiations on the P’nyang Gas project because both parties failed to reach an agreement. Meantime, ExxonMobil PNG Limited has expressed disappointment that it was not able to reach an agreement with the State on the terms of the P’nyang Gas Project in the Western Province. Negotiations between the project developers and the State Negotiating Team had been going on for the last several months, however, a gas agreement was not reached. A spokesperson of the company told NBC News today that they are hopeful they can continue to work towards an outcome that benefits all stakeholders. The spokesperson said ExxonMobil is proud of its partnership with the people of Papua New Guinea and has worked to create lasting benefits for the country. This includes the company’s commitment to energy development, where it is the operator of the 19-billion US dollars PNG LNG project and provides employment for more than 3, 200 people. Radio NZ/ Dorcas Sawan (NBC-TV) Ends//