Chamber hails announcement

THE Papua New Guinea Chamber of Mines and Petroleum is encouraged by Prime Minister James Marape’s recent announcement of a clear policy on the payment of dividends from resource projects through to a Sovereign Wealth Fun.
Marape made the announcement upon receiving a K100 million dividend payment from Kumul Petroleum Holdings Ltd on Aug 18.
PNG Chamber of Mines and Petroleum president Anthony Smare said this was a good sign of the Government’s commitment to ensuring economic returns from resource sector projects were rightfully accounted for, and properly invested and managed for the long term.
“The resource sector contributes approximately 28 per cent annually to the PNG economy,” he said.
“While this has a massive indirect multiplier effect in the form of employment, crucial infrastructure and education and health support.
“There is still a misinformed opinion as to how the real economic returns of the sector are being recorded, and correctly valued.
“The establishment of a sovereign wealth fund with transparent management processes will ensure that these direct economic returns from our resources are adequately captured and managed for the long term, and be used for development, right down to people in our districts and communities.”