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October 22, 2021
Business Featured News

Government Eyes Better Deals through Renegotiations

By Leanne Jorari, EMTV News – Brisbane

In Brisbane for the 2018 PNG Investment Conference, Papua New Guinea Prime Minister, Peter O’Neill, promised that his Government would make better use of the country’s national resources.

This, according to PM O’Neill, means his Government is in re-negotiations to get better deals for the country for new LNG projects like Wafi-Golpu, P’nyang and Papua LNG.

In an exclusive interview with EMTV, the Prime Minister stated that, “for many years the country has been told that we would have Dutch Disease and that the economy will suffer as a result of that.” This perception, he added has led governments over the years to allow companies to park export revenues in foreign accounts.

To remedy this, Mr O’Neill said that his Government is re-negotiating new deals in order to add some re-balancing in some of the projects that are being put up.

Prime Minister O’Neill also welcomed the increasing interest in funding infrastructure in the Pacific that is being shown by China, and a trilateral arrangement between Australia, the United States and Japan.

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