Papua New Guinea’s new Prime Minister Peter O’Neill says his government is committed to providing a predictable and user-friendly environment for investors.
“I say this particularly to re-assure foreign investors and service providers in the mining and oil and gas industries that our government is not hostile against you. We will allow no manipulative and rogue takeover bids of loyal investors who have stuck by PNG though good and bad economic times. Our government does not have an exploration agenda against any existing business or foreign investment. We merely want all of us to play by the same rules, honour agreements and contracts and to respect each other,” O’Neill is reported as saying over the weekend in the Post Courier newspaper.
His comments come after claims by other cabinet ministers that investment laws—in particular in the oil and petroleum sectors—would be reviewed.