LNG to showcase PNG potential

PAPUA New Guinea’s $A19 billion liquefied natural gas project will show the investment world exactly what PNG is capable of, according to the project executive.
LNG to showcase PNG potential
LNG to showcase PNG potential
LNG to showcase PNG potential
LNG to showcase PNG potential
LNG to showcase PNG potential

ExxonMobil PNG LNG project executive Decie Autin said revenues derived from the PNG LNG project would provide a long-term financial foundation for the continuation of development.

Updating government representatives and delegates at a recent event, Autin described PNG as a resource-rich nation that was uniquely positioned to deliver natural gas to meet the growing demand of Asian markets over the long term.

Autin confirmed the project was more than 90% complete and remained on schedule for the first delivery of LNG during the second half of 2014.

"As Asia grows, revenues derived from the PNG LNG Project will provide a long term financial basis from which PNG's development can continue," she said.

"The PNG LNG project demonstrates to the world - particularly the investment world - exactly what Papua New Guinea is capable of.

"Our joint success can herald a new era of development for this diverse and strategically located nation.

"Achieving this full potential requires government and community support to show the world that PNG is a stable and secure environment in which to do business."

Autin said the project supported the PNG government's efforts to seek Extractive Industries Transparency Initiative candidacy as well as the development of a Sovereign Wealth Fund to ensure the benefits from resource projects were wisely used and equitably distributed.

"Both EITI and an effective sovereign wealth fund are integral tools for showing the world that PNG is a good place to invest, with the right mechanisms in place to ensure transparency and good governance," she added.

"PNG is known for its stable fiscal and regulatory environment and this is one of the reasons we along with our partners were attracted to develop here.

"Maintaining the stability and terms that are conducive to future investment is critical.

"Papua New Guinea has created momentum and we encourage the government to continue the fiscal and regulatory environment which encourages further investment in this growing economy."

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