060421 THE ABG AND GMT AUTOMATION SIGNS MOU FOR PROJECT DEVELOPMENT IN BOUGAINVILLE
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The Autonomous Bougainville Government through the Office of the Minister for Economic Development and Vice President, PATRICT NISIRA this afternoon signed a Memorandum of understanding to work with a Private Bougainville Company GMT Automation and the Landowners of Loloho wharf area to start up a Company BOUGAINVILLE PETROLEUM LIMITED to supply fuel to the entire Bougainville and nearby islands from Loloho Port in Central Bougainville.
Under the project Shareholder and direct beneficiaries, will be landowners through 20percent shareholding, Jobs, dividends and Spin off Business opportunities.
The ABG will also have 25 percent that can be increased through doubling its shares, Tax revenue, Dividends.
GMT through direct participation through management and shareholding and Other Bougainville Citizens through direct shareholding, dividends, job opportunities for Contract and participating in a truly Bougainville corporate ventures.
This Public Private Partnership project was initiated by the management of GMT and landowners and have also invited the ABG and the Citizens of Bougainville to participate as equal partners of Development in the region.
Landowners will sign the MOU this Friday.
After the signing the ABG VICE President and the Minister for Economic Development will now present the document to the Bougainville Executive Council for its blessing.
Ends
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