Project will create more jobs: Pawson

THE US$12 billion (K41.22 billion) Papua LNG project will create more jobs and increase personal income for people which will be a great outcome for the country, says Kina Bank chief executive officer Greg Pawson.
Though the economic benefits from the project are years away, he said a step towards the construction phase was reached with the signing of a fiscal stability agreement on Tuesday between the State, operator Total and its partners.
“Our long-held position is that approving and executing these large resource projects would be key to underpinning future economic growth for PNG,” Pawson said. “From this point of view, we are pleased to see the completion of the Papua LNG agreement.
“We believe it will be an important step in the right direction that will help promote investor and business confidence and also support investment into the country.
“Construction of the gas project will reportedly take about four years once a final investment decision has been reached.
“We anticipate that the project would provide a significant number of jobs – a great outcome for PNG and a great outcome for business.
“With the increase in employment opportunities also comes the opportunity for customers to increase their earning potential.
“How people spend, save and invest their earnings is a very personal issue driven by their personal circumstances and requirements.
“At Kina, we have been an enthusiastic supporter and provider of financial literacy and understanding.
“We help customers protect their money and grow their wealth, by helping them understand what options are available to them, what their personal goals are.
“These are critical decisions to make when thinking about what to do with your income.”