PNG PM O'Neill rejects LNG report as utter Nonsense

Papua New Guinea Prime Minister Peter O’Neill has rejected as “utter nonsense” the report that PNG economy would have been better off if the PNG LNG project, had never been constructed.

While he did not name the report he said: “It’s disappointing to note that some of our experts who align themselves to political groupings continue to try and talk down the economy and continue to release fake news.”

In his speech delivered to the Australia PNG Business forum and trade expo in Brisbane, Mr ONeill said the project has made a massive contribution to the country’s economy in terms of jobs and community development.

“Such growth can never be achieved without the investment that is creating jobs for our people, creating revenue for our economy and making sure that our economy continues to grow”

“It is quite common, and well known, that the predicted and quoted revenue stream that was going to go to the project and the country was based on prices that were US$110 per barrel. No one could have foreseen that the price of oil would collapse to $US27 per barrel, and nobody expects the project to make money at those low prices,” he said.

So it is quite unrealistic to suggest that the LNG project is not contributing to the economy of the country.

Statement