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Lancos paid dividends

Staff Reporter | 5:12 PM | |
IT has been a successful three years for the Hides Gas Development Company (HGDC), culminating in  the payment of K7 million dividends to shareholders, 
During the period, the company donated K1.2 million to churches, purchased two generator sets for Tari police station and Hela provincial government and bought two 10-seater vehicles for Mananda Health Centre and the Tari police.
Speaking at the dividend payment last Saturday, Parindali said the company was well-positioned to venture into business opportunities outside the PNG LNG project.
He said all its 15 shareholders would get their share of the dividend according to their company ownership.
HGDC was formed in April 2008 as the umbrella landowner company for the upstream section of the PNG LNG project.
It represented regional landowner companies in Benaria Pipeline, Angore PDL-8, Juha PDL-9, Hides PDL-7, Hides PDL-1, Kobalu Camp and the Komo Airport Development in Hela.
Parindali said: “The company covers almost the whole of Hela and has entered into partnerships with reputable local and overseas companies for it to enter into business ventures out of the five reserved areas allocated to the company under the national content plan.
“The company has partnerships ranging from catering to camp management, construction, heavy equipment hire, security and vehicle maintenance.
“Apart from their reserved business areas, HGDC continues to seek new opportunities to expand the business platform beyond the PNG LNG project.
“The K7 million is the net after withholding tax that is being paid to shareholders today (Saturday). 
“We are committed to shareholders and supportive towards the local community and will continue to sustain and grow the company to meet their expectations.”
Next year, Parindali said the company would be involved in two projects to set up nurseries for locals and promote and preserve the traditional Hela culture.
He thanked the developer ExxonMobil and subsidiary Esso Highlands, Hela provincial government and the government for their confidence in the company. The National