Scott Ludlam (WA, Australian Greens) Share this | Hansard source

asked the Minister representing the Minister for Trade, upon notice, on 13 December 2010:

With regard to the Australian Government's loan of AU$548.55 million to support the development of the liquefied natural gas project in Papua New Guinea (PNG LNG) in which the funds go to the project sponsor through Australia's export credit agency, the Export Finance and Insurance Corporation (EFIC):

(1) How is EFIC monitoring the social and environmental impacts of the PNG LNG project; (b) what are the results of this monitoring; and (c) can a account be provided on how EFIC is monitoring: (i) project related conflict, (ii) its impact on women, and (iii) the loss of livelihoods.

(2) Has EFIC sought feedback from civil society on the progress and impact of the project.

(3) To comply with the Equator Principles and International Finance Corporation (IFC) Performance Standards, are EFIC and other financiers of the PNG LNG project obliged to engage an independent expert auditor for the life of the project.

(4) Was the United States company D'Appolonia appointed with the agreement of borrowers and lenders as the independent expert auditor for the PNG LNG project; if so: (a) on what date was D'Appolonia appointed; (b) how many reports by D'Appolonia has EFIC received to date; (c) how many reports has the department received to date; and (d) in its reports on the PNG LNG project compliance with Equator Principles and the IFC Performance Standards, has D'Appolonia identified any issues of non compliance; if so, can these areas of non-compliance be specified.

(5) Have the PNG LNG project sponsors, who are receiving EFIC and Australian Government loan facilities, breached any loan covenants to date; if so, can the nature of any breaches be specified.

(6) Can an update be provided by EFIC on the implementation of the 'Joint Understanding between Papua New Guinea and Australia on further cooperation between the PNG LNG Project' (the Joint Understanding), including any progress on establishing a sovereign wealth fund.

(7) Given that point 13 from the Joint Understanding referred to terms of reference for the proposed subcommittee on extractive industries of the PNG LNG Ministerial forum: (a) can the Minister confirm whether the terms of reference have been agreed to; and (b) will the terms of reference be made public.

(8) Can an outline be provided of the key individuals within the department or the Australian Government providing advice on the establishment of a sovereign wealth fund.

(9) Can the Minister confirm whether ExxonMobil is providing advice on the sovereign wealth fund; if so, what is the nature of that advice.