PNG PM Marape Hails Mining and Petroleum Sector as Pillar of National Growth
Prime Minister James Marape has paid tribute to Papua New Guinea’s mining and petroleum industry, describing it as the cornerstone of the nation’s economic development over the past five decades. He made the remarks during a dinner hosted by the PNG Chamber of Resources and Energy (CORE) on Thursday night as part of PNG Resources Week.
Addressing industry leaders, diplomats, and government officials, Prime Minister Marape said, “Tonight, we honour 50 years of continued service to our country from the mining and petroleum industry. Whether you’re a lead investor, subcontractor, public servant, or community partner — thank you.” He credited the sector for playing a key role in the country’s resilience and development since independence.
Marape highlighted the historical significance of the sector, acknowledging early operations such as Bougainville Copper Limited, BHP’s Ok Tedi investment, Porgera Mine by Placer Dome, the Oil Search-BP oil and gas projects, and ExxonMobil’s PNG LNG Project. He noted that despite global financial downturns and natural disasters, these projects delivered consistently. “No cargo has missed export from the Kumul Terminal since 1990,” he said.
The Prime Minister also recalled a defining moment in 2014 when he received PNG’s first LNG export shipment in Tokyo, describing it as a testament to the country’s global reliability. “This is the story of a resilient, rebounding Papua New Guinea,” he said, referring to the LNG project that launched during the aftermath of the 2008 financial crisis and now operates 30% above design capacity.
Marape also used the platform to urge greater industry participation in national growth. He called on companies to invest more in local capacity building and inclusive economic participation. “My people are educated, capable, and ready to participate. Please take my people with you. Incubate local contractors. Grow small businesses from Alotau to Telefomin,” he appealed.
He reiterated the government’s commitment to reforms that promote local content, stronger equity arrangements, and balanced taxation. Marape assured investors of legal stability and contract sanctity, noting, “We do not tear up contracts. Governments may change, but our agreements stand.” He added that court and arbitration reforms are underway to enhance business confidence.
Prime Minister Marape called on resource companies to join in shaping the next chapter of Papua New Guinea’s development as it celebrates its 50th year of independence. “Let your company be remembered for helping PNG become a stronger and more prosperous nation,” he said. “This is your investment home. And we will walk this journey together.”
Also read
Post a Comment