PM URGES INVESTORS TO CONSIDER PNG RESOURCE OWNERS INTERESTS

"PM said this when responding to the Managing Director of Oil Search Peter Botten, who said the new Government led by Prime Minister Marape should be investor friendly."

The Prime Minister Hon. James Marape MP has urged investors in the mining and petroleum sectors to consider the interest and benefit of the resource owners and the
country.

Prime Minister Marape said this when responding to the Managing Director of Oil Search Peter Botten, who said the new Government led by Prime Minister Marape should be investor friendly.

“I know Oil Search Managing Director, Peter Botten came out a while ago in the media asking me to be investor friendly.

“Peter Botten knows that I am investor friendly. But I am more concerned for the interests and benefits and speaking for the 8 million shareholders of this country.
“That is what this generation of leaders wants in our country. That is the catch cry of these leaders and our country and what our people want,” said Prime Minister Marape.

He said that his Government welcomes new investors and encourages those already in the country to continue investing in the economy.

“I am not in the business of harming our investors in the country. Other investors in the country and our partner investors, ExxonMobil, Oil Search, Total, Santos, Nippon Oil, they have been with us for a long time.

“We are in the business of now consolidating on these investments here, as well as attracting new investors into the country.

“But, as I speak I want to first pick the lowest hanging fruits to improve our economy, improve on areas of domestic market obligations, areas of local content, and in improvements in greater equity participation in the resource sector by our landowners.

“We are tired of being rent collectors. Sometimes down the line, whether that is in 2022 or 2025 with the best advice from the Petroleum Department and with the new Ministers we will be making regime shift and change in the resource laws and most importantly it will be
friendly to the investors.

“But more so importantly friendlier to the interests of the 8 million people of our country and the benefits they truly deserve.

“And that is by making sure that our economy gets the residual benefit from those resources.
“And I make no apologies to anyone. I make no apologies. If you don’t like the way I am speaking, pack up and leave.
“I am more about adding value to the economy and for my people to benefit,” said Prime Minister Marape.

Prime Minister Marape on May 30th during his maiden speech after his election as the 8th Prime Minister of PNG told Parliament he does not want any international conglomerates in the resource sector to dictate to his Government what to do and or change the laws to suit
their interests.

He said he would tweak and turn the resource laws for the benefit of the resource owners and the country. Prime Minister Marape said his intention is not to chase away investors, but wants maximum benefit and meaningfully participation by landowners and the Government in the resource development.

July 8, 2019