‘PNG needs projects to bring in forex’

THE country desperately needs new gas and mining projects to bring in foreign exchange, create jobs and business opportunities for small-to-medium enterprises (SMEs) that desperately need them, an official says.
Chamber of Mines and Petroleum chairman Anthony Smare made the statement when applauding the signing of Heads of Agreements for the P’nyang gas project, by PNG and ExxonMobil executives in Houston, Texas, US, recently.
“Our country desperately needs new gas and mining projects to bring in foreign exchange, create thousands of jobs, create significant business opportunities for Papua New Guinea SMEs that desperately need them, and generate additional revenue for the State to fund government services,” Smare said.
“It is pleasing to see the positive and constructive manner in which the prime minister and his team approached the negotiation with the developers, and the win-win outcome that was secured for the country.
“It is also important to note that the State was able to secure these advantageous economic benefits via a commercial negotiation with ExxonMobil under the current resource sector laws.”