YAP SEEKS TO HOST FSMPC CORPORATE OFFICE

News Release

Federated States of Micronesia Department of Youth and Civic Affairs Colonia, Yap December 3, 2008

In a letter to the Chairman of the FSMPC Board of Directors, Yap State Representative on the board Mr. Faustino Yangmog, who is currently the Vice Chairman of the board, urged the FSM Petroleum Corporation to place its headquarters in Yap.

[PIR editor’s note: The Federated States of Micronesia Petroleum Corporation (FSMPC) is a government commercial organization formed by public law in 2007. It commenced operations in July 2008 and was designed to manage the exit of ExxonMobil from the States of Pohnpei, Yap, and Chuuk and provide a strategic long term focus for securing the energy requirements of the nation.]

has reorganized its Board of Directors following a meeting in Kosrae on the 27 and 28 October, appointing Mr. Willie Hawley as its Chairman. Members on the Board now include Faustino Yangmog as Vice Chairman, Alexander Narruhn as Secretary, Feliciano Perman, Yalmer Helgenberger, Redley Killion, and Senator Gibson Siba.

The FSMPC

Mr. Yangmog stated that it was the intention of the founding fathers of the FSM to allow each sister State a major role in the overall economic development of the nation.

He further argued that Yap would make an excellent location for the FSMPC Headquarters because "Yap is financially stable, economically suitable and politically united."

Furthermore, Mr. Yangmog said Yap is geographically located within shipping sea-lanes with closer proximity to major seaports such as Guam.

"The State of Yap has the land in Yap proper and in the Neighboring Islands for possible future expansions," Yangmog said.

Other justifications are in line with Yap State Leadership request and desire to have the corporate headquarters in Yap he said. Establishing its FSM Corporate Office in Yap would serve to be an eminent part of the overall nation-building effort and sharing of the potential economic gains in the nation thus, leading to a stronger unity.

Vice Chairman Yangmog, in his communication, is officially requesting through the Chairman to have this issue placed on their next Board meeting's agenda. The FSMPC is currently operating out of Pohnpei. Since inception of the Corporation, Yap has been consistent in expressing its interest to be the home of the Corporate Office. No other States has expressed interest in hosting.

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