03-19-2014, 01:23 AM
Yep, back on December 3rd when addressing the PNG Petroleum and Mining conference his office released this:
"The PNG Prime Minister details how the Government has embarked on a new economic direction for the country - one that follows the more state-directed path of many Asian countries.
He admires Government-owned conglomerates such as Singapore's investment house, Temasek, with $190 billion in assets, and Malaysia's resources corporation Petronas, with $175bn. He says: "In countries like ours, where the economy is not fully developed, but with a fast-growing population and high youth unemployment, we need to create industries that will engage them more fully. Other countries around the world have taken that approach."
O'Neill points out that Peru and Chile also have major mining companies that are fully owned by the state. "As long as we create a business model which is managed outside the public service structure, and governance issues are addressed properly, the opportunity will yield good returns for our country." Several Asian countries, he says, "have succeeded economically with very limited resources. We have an abundance. Our only problem has been our management of them".
"If we structure well, there is no reason why we shouldn't succeed as they have done, with professional managements and independent boards, and an ability to achieve global branding." PNG has two trains of liquefied natural gas under way via the $19.5bn ExxonMobil-led project coming on stream next year, and O'Neill expects the gas resources controlled by Interoil to provide a further two trains. And a deal is moving closer whereby Interoil will obtain a major international partner; probably by Christmas, O'Neill expects.
This would create an LNG hub in PNG almost the size of Australia's North West Shelf, which has five gas trains."
"The PNG Prime Minister details how the Government has embarked on a new economic direction for the country - one that follows the more state-directed path of many Asian countries.
He admires Government-owned conglomerates such as Singapore's investment house, Temasek, with $190 billion in assets, and Malaysia's resources corporation Petronas, with $175bn. He says: "In countries like ours, where the economy is not fully developed, but with a fast-growing population and high youth unemployment, we need to create industries that will engage them more fully. Other countries around the world have taken that approach."
O'Neill points out that Peru and Chile also have major mining companies that are fully owned by the state. "As long as we create a business model which is managed outside the public service structure, and governance issues are addressed properly, the opportunity will yield good returns for our country." Several Asian countries, he says, "have succeeded economically with very limited resources. We have an abundance. Our only problem has been our management of them".
"If we structure well, there is no reason why we shouldn't succeed as they have done, with professional managements and independent boards, and an ability to achieve global branding." PNG has two trains of liquefied natural gas under way via the $19.5bn ExxonMobil-led project coming on stream next year, and O'Neill expects the gas resources controlled by Interoil to provide a further two trains. And a deal is moving closer whereby Interoil will obtain a major international partner; probably by Christmas, O'Neill expects.
This would create an LNG hub in PNG almost the size of Australia's North West Shelf, which has five gas trains."