Law to keep all in check: Sir J

The National Business

NEW Ireland Governor Sir Julius Chain says a proposed law to promote transparency and accountability in the mining and petroleum sector will keep everyone honest in the long run.
Sir Julius made this remark at the opening of the Extractive Industries Transparency Commission Bill consultation for the New Guinea Islands (NGI) region in Kavieng yesterday.
The Bill aims to establish the PNG Extractive Industries Transparency Initiative (PNGEITI) national secretariat as a statutory body charged with the responsibility of promoting transparency and accountability in the mining and petroleum sector.
The former prime minister, who was vocal on extractive industries benefits for local people, said now was the time for all stakeholders to act in the best interest of deriving the best value from PNG’s rich natural resource endowment.
A state technical working group comprising the Department of Petroleum, State Solicitor, Internal Revenue Commission, Department of Personnel Management and Department of Treasury are in the New Ireland capital for a four-day consultation for NGI.
“Your coming to New Ireland is an honour for us to air our little experiences,” Sir Julius said.
“The Extractive Industries Transparency Commission will go a long way to keep everyone honest.
“This is a world to share – if we do it right, there will be enough to go around.”
PNGEITI secretariat head Lucas Alkan said the PNGEITI was a state initiative working on the proposed legislation and the instrumentalities.
“PNGEIT has been in operation since 2014, established effected by a NEC decision and now we are moving into the next step in anchoring this extractive industry implementation and reporting process into PNG’s legal and administrative system,” Alkan said.
“PNGEITI published seven annual EITI reports detailing activities taking place the PNG mining and petroleum space.
“We look forward to a meaningful consultation in the coming days with all stakeholders from government, civil societies and representatives from the resource companies.”