PNG Resource Projects Expected to Lift Economy and Forex Reserves : marape

PNG Resource Projects Expected to Lift Economy and Forex Reserves : marape

​Papua New Guinea’s major resource developments, including the Papua LNG project in Gulf Province and the Wafi-Golpu mine in Morobe, are expected to boost the country’s foreign exchange reserves and open up more economic opportunities for citizens, Prime Minister James Marape says.

Prime Minister Marape said the Government was focused on bringing key projects into operation to strengthen the economy, improve revenue flow and create lasting benefits for the State, landowners and investors.

Mr Marape said Papua New Guinea was moving into a new phase of economic activity driven by major resource developments such as Papua LNG, Wafi-Golpu, P’nyang and Pasca A.

According to the Prime Minister, the country’s energy and mining industries would continue to play a major role in supporting employment, business growth and government income over the next decade.

He said Papua LNG remained one of the Government’s priority projects and once it reached the Final Investment Decision stage, it was expected to trigger large-scale construction and investment activity across the country.

Mr Marape said the developments would create jobs during both the construction and production phases while also increasing economic activity in different sectors.

He also pointed to growth in the non-mining and petroleum sector, saying agriculture had continued to perform strongly with most Papua New Guineans relying on the sector for their livelihoods.

Mr Marape said the Government would continue pushing for a fairer return from major resource developments.

“We get Papua LNG and Wafi-Golpu online and get more revenue into the country and ensure our foreign reserves improve for the Government, landowners and developers,” he said.

“These projects will provide long-term construction activity, production opportunities, employment and revenue for Papua New Guinea.

“We’re looking at the next 10 to 15 years as a period of sustained energy sector activity, not only in construction but also in long-term production and economic growth.

“We will not compromise on ensuring the State secures around or above 55 per cent of the total benefit from our major resource projects.

“There can be no clearer example than the New Porgera Limited agreement.”

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