Mineral Resources Development Company Limited (MRDC) is a 100 percent PNG State-owned company. It was incorporated in 1975 under the Companies Act and was initially appointed as State Nominee to acquire the State’s and landowner equity interests in mining and petroleum projects. However, with changes in recent years, MRDC now concentrates entirely on landowner equity interests in both mining and petroleum projects. Projects in which MRDC-managed landowner entities hold an interest include the Kutubu, Gobe and Moran oil developments as well as the OK Tedi gold mine and the Ramu nickel joint venture. Petroleum Resources Kutubu Limited and Petroleum Resources Gobe Limited each hold direct interests in the Project and are both 100 percent owned subsidiaries of MRDC which holds these interests as a corporate trustee in trust for the Kutubu and Gobe landowners. MRDC Exploration has a 2.8 percent interest in the PNG LNG Project.