Marape pushes for downstream processing
Revenue from all resource projects needs to be brought back into the country says Prime Minister James Marape.
Mr marape said all these resource projects if all goes well will start production in mid 2020 therefore, all negotiations and agreements will have to be made in favor of both the state and the investors so that there is equal benefit for all.
He said the fullness of the PNG LNG project coming in around 2024 an 2025 but the fullest benefit of the PNG LNG project will cascade in full 100 per cent if the country fully retire the bank loan aspect of the project financing.
“In the mid 2020s the full return of the PNG LNG project will cascade. If we get ourselves working and I intend to work in the quickest, in the next two to three weeks to resolve issues in the misunderstanding of the Papua LNG, then Papua LNG will deliver firstly in around mid 2020s.
“If we get to resolve quickly in what we are trying to do for Wafi-Golpu, Ok Tedi, Frieda River project, Lihir and fisheries are all captured well the country will be in a better position by 2020,” he said.
He said he is all about maximising gains from the resources that is in this country and it’s not just oil and gas or the mining sector.
He said the government will be shifting from exporting to encouraging more downstream processing from all non resource and resource industries in the country.
“We will be inviting the industry players to give the game plan to us as to how they will be migrating from raw log export into downstream processing in our country.
It’s all about adding value to all our resources we have right now in our country.
That is what we are all about we are not here to chase investors away we are here to sit and talk to everyone of you who are harvesting resources so that subsidiary businesses who feed of you can also feed off from a business that is bringing more money back into the economy,” Mr Marape said.