Papua New Guinea’s incoming Prime Minister Peter O’Neill has assured foreign investors, especially in the mining and petroleum sector, that the government would ensure that investors who were already operating in PNG would have their positions respected.
“My government respects the commitment of foreign investment companies that have been loyal to PNG in both the good and bad economic times the country has faced since the early 1990s.
“We welcome new foreign investment initiatives in our mining and petroleum sectors.
“However we would like to see that new and returning investors respect those that are already operating in PNG,” the prime minister said.
“Let me reassure you that the goal posts have not been shifted.
The playing field remains the same and shall be maintained that way for the foreseeable future,” he said during a business luncheon in Brisbane.
The lunch was hosted by BCL director Sir Rabbie Namaliu, Frank Kramer and executives from Kramer Ausenco.
O’Neill said his government believed in being predictable and forthright in its dealings with all foreign investors in PNG’s natural resource sectors.
“This is not the time to destabilise mining and petroleum industry developers and investors with any law to compromise or reduce their present respective equity positions.”
Any future changes will have to be driven by a win-win formula for all stakeholders in a predictable manner, the prime minister said.
Source: The National Newspaper, 12th September 2011