Photo Credit: Transparency International Papua New Guinea
The government and Twinza Oil Limited are in the process of negotiating the conditions of the proposed Pasca A project. According to Transparency International PNG chairman Peter Aitsi, the oil and gas project in the Gulf should publish a quarterly update to keep the public informed on the status of talks.
Twinza and the Government will sign a secrecy and non-disclosure agreement, according to Petroleum Minister Kerenga Kua, which will prevent the parties from disclosing material to the public while discussions are underway.
This came after Twinza issued a statement expressing their dissatisfaction with the state negotiating team's modifications to the Pasca project gas deal. The secrecy and non-disclosure agreement, according to Kua, will ensure that a statement is issued only once a final decision has been taken.
A non-disclosure agreement, on the other hand, according to Aitsi, is a commercial contract that allows parties to keep their talks private and establishes a level of confidence between them.
He said that if they didn't, they'd be "leaking economically important information."
“On Twinza, as a publicly-listed company, they have a strict obligation to keep their shareholders and the stock market updated on any transaction or events impacting the company that could have a material impact on the share price or performance targets,” Kua said.
Reference: The National (13 August 2021). “Talks over Pasca A should be made public: Aitsi”.