The National – Tuesday, December 14, 2010
By PATRICK TALU
ESSO Highlands Ltd managing director Peter Graham said that safety, security and customer expectations are of paramount importance to any investment’s success including the LNG project.
Graham told current and potential mining and petroleum investors that when investors want to invest in a particular country for any industry, they will, first and foremost, take into consideration the investment security and customer expectations.
Graham was speaking during the PNG LNG projects business development update last week.
“As investors weigh up a decision to invest, aside from assessing the economic incentives, they also considering the business risks and ask ‘are the fundamentals sound?’,” he said.
“First and foremost, can I operate safely and securely in this environment?
“Investors need this in order to attract and retain high quality people and their families, and to execute efficiently without interruption.
“Secondly, investors will ask: ‘Can I operate efficiently and with integrity in meeting my customer’s expectations?’
“Reputation is priceless for a business, and investors will want to be satisfied that they can meet their customers’ and shareholders’ expectations and do so in a manner consistent with their company’s standards of business conduct.
“A safe and secure work environment is a realistic expectation when communities are engaged – engaged in vocational training, engaged in work, and engaged in businesses that support the project and other ventures,” Graham stressed.
Nonetheless, the PNG LNG’s record project finance agreement in March this year represented a huge vote of confidence in the project, in its ability to deliver as operator working with its joint-venture partners, and it represented a huge vote of confidence in the PNG government, and the people of Papua New Guinea.