Papua New Guinea’s Prime Minister Peter O’Neill and Australia’s Assistant Minister for Trade, Tourism and Investment Mark Coulton will lead a line-up of over 30 experts and business leaders discussing PNG’s investment potential at next week’s Papua New Guinea Investment Conference in Brisbane (6 and 7 August).
The annual conference promotes business and investment opportunities in PNG to the international business community.
PNG must avoid an impression of sovereign risk. Despite all the work that Horizon Oil and partners have put into the Western Province LNG project, Minister Poc is threatening to withdraw the development licence for the Stanley gas field that supplies 20% of the project. Along with unfavourable economics, the PNG Government delayed a development licence for this gas field for two years and then did not go ahead with the use of Stanley gas for the Ok Tedi mine. The Western LNG project is progressing quickly. It will bring electricity to impoverished Western Province villages and provide power for new businesses. It will bring revenue to the PNG Government and provide royalties to landowners. The Western LNG project should be supported by the PNG Government.
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(20min delay)