PNG to retain Oil Search stake

Papua New Guinea govt to raise $1.68bn to maintain 14.6% shareholding: report.

The Papua New Guinea government is planning to raise $1.68 billion to pay off a bond linked to its stake in ASX-listed Oil Search (OSH), according to Reuters.

Papua New Guinea has until March to raise the cash otherwise Abu Dhabi state-owned wealth fund International Petroleum Investment Co will claim the rights to the 14.6% shareholding, as per the terms of a 2009 agreement.

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