SOEs sitting on billions of kina

 STATE-owned enterprises are sitting on assets worth billions of kina and should be contributing to government revenue, Prime Minister Peter O’Neill said.

He told the Australia-PNG forum in Port Moresby on Monday that “restructure of SOEs is in line with global trend, and in doing so, my government is confident we will realise the full earnings potential of these assets”.

He said the government wanted SOEs to focus on their responsibility and operate profitably as per the shareholders’ expectations.

The new structure of the government’s business enterprises and the investments in the oil and gas and mining sectors aim to achieve good outcomes.

O’Neill said “the new structure of the government’s business enterprises and our investments in the oil and gas and mining sectors is about greater accountability and improved outcome in terms of efficiency and profitability”.

“And government-owned businesses and authorities that directly impact on infrastructure have to be contributors to improved infrastructure and a more competitive environment and not a drain on it or an obstacle.”

The government will also provide strong policies to ensure the country has stable fiscal and monetary conditions in the next few years.