Industries helping to boost mining, petroleum

Business

THE PNG Extractive Industries Transparency Initiative (PNGEITI) is helping the Government improve the governance of the mining and petroleum sector, according to the head of the national secretariat, Lucas Alkan.
Alkan said that since adopting EITI standards in PNG, the national secretariat and its multi-stakeholder group had produced four country reports.
“We are informing the Government and its stakeholders through our reports and so far we have made some really good achievements in ensuring collaboration in the sector,” he said.
“The PNGEITI model sends a very powerful message of confidence, unity, partnership and collaboration between the Government, industry and civil society. Our data on the mining and petroleum value chain helps the Government make informed decisions based on key investment priorities and are progressing to improve its policies.
“Our data is assisting the industry to make informed decisions to invest more in our natural resources and to ensure we remain competitive in the global market. Our reports are assisting our civil society groups to be informed, educated and participative in the sector.”
Alkan said the EITI gave a diagnosis of the investment climate in the extractive industry, particularly in petroleum and mining. It highlights very important recommendations based on its audited findings.
“So the EITI role in an economy is in stark contrast to an advocacy set-up for a particular fiscal regime, environmental issues, and laws or polices. All these are mandate of the Government and EITI as a Government initiative fully respects the role of Government in regulating the extractive industry whether it be at the policy or legislative front,” he said.

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