Chamber hails launch of first report

 THE PNG Chamber of Mines and Petroleum says the launching of PNG’s first Extractive Industries Transparency Initiative 2013 Report is a significant step in ensuring greater transparency of benefit streams from the resource industry.

Executive director Greg Anderson said this following the launching of the report by Prime Minister Peter O’Neill on Wednesday.

PNG became a candidate country for the EITI in March 2014. The EITI is a robust mechanism that facilitates transparency of revenues from oil, gas and mining. It is a global standard to promote open and accountable management of natural resources.

The PNG EITI is guided by a multi-stakeholder group comprising representatives of Government, resource industry and civil society. 

“The PNG Chamber of Mines and Petroleum which is a member of the PNG EITI multi-stakeholder group strongly supports greater transparency of payments made to the Government by oil, gas and mining companies. These payments play a critical role in PNG’s economy. 

“The inaugural report contains a number of recommendations for all stakeholders to work together to ensure PNG becomes a fully EITI compliant country.

“Enacting the recommendations is critical to ensuring the success of the 2014 report which, in accordance with EITI requirements, must be finalised by the end of 2016.