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Port Moresby
January 28, 2022
Business News

Treasurer to Launch PNG Extractive Industries Transparency Initiative Reports

By Jack Lapauve Jr – EMTV News, Port Moresby

Deputy Prime Minister and Treasurer, Charles Abel, will launch two PNG Extractive Industries Transparency Initiative Reports next Wednesday.

The reports, concurrently compiled last year, cover the fiscal years 2015 and 2016 and encompass large-scale mining, oil and gas projects that were in production.

PNGEITI Head of Secretariat, Lucas Alkan, said the reports list 9 reporting entities from mining sector and 7 entities from the oil and gas sector.

It also lists 7 SOEs and 8 relevant government departments that received these payments in the same years.

The reports also provide detailed information on the extractive sector existing laws and fiscal regimes governing the sector.

“Apart from reconciliation of these revenues and payment figures, the reports also provide detailed contextual information on the extractive sector that includes such information as existing laws and fiscal regimes governing the sector, its contribution to the economy, license registers and so forth”

“We’ve had the honour having the Prime Minister Peter O’Neil launch the first EITI Report in 2016 and now we are going to have the Deputy Prime Minister and Treasurer Honourable Charles Abel-Chairman of the Multi Stakeholder Group (MSG) – the PNGEITI overseeing body, to launch the two reports,” Mr Alkan said.

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