PNG Monetary Policy Statement

[Justin94360]

MONETARY POLICY STATEMENT

BY THE GOVERNOR OF

THE BANK OF PAPUA NEW GUINEA,

MR. LOI M. BAKANI

http://www.bankpng.gov.pg/images/stories/MPS/2013/March_2013_MPS.pdf

See how many times and how important PNG LNG project is mentioned in terms of national budgets. Why wouldn't O'Neill want IOC's project underway asap. Especially if it's done in such a way that PNG could actually prosper from it.

[ebster123]

Justin, great find!! Shorts have nothing to hold onto but false hope!!!

[ArtM72]

Little question that PNG needs Gulf LNG to re-establish economic growth and long term employment. PNG LNG was obviously a major shot in the arm. The bank though isn't projecting it to be a "one and done" although there is a pause projected in the construction sector.

Interesting that petroleum production in the nation is falling and projected to continue to fall per the report. I suspect condensate production will be offsetting that in time, but this environment seems ripe for the development of a CNG/LNG transportation infrastructure. Interoil needs to start thinking about that.

Fascinating, this birth of a national economy.

[bertl05]

Little question that PNG needs Gulf LNG to re-establish economic growth and long term employment. PNG LNG was obviously a major shot in the arm. The bank though isn't projecting it to be a "one and done" although there is a pause projected in the construction sector. Interesting that petroleum production in the nation is falling and projected to continue to fall per the report. I suspect condensate production will be offsetting that in time, but this environment seems ripe for the development of a CNG/LNG transportation infrastructure. Interoil needs to start thinking about that. Fascinating, this birth of a national economy.

Art, you are right, it is really fascinating to see the birth of an economy, a country rising really. I think many of us underestimated the power and turmoil involved in starting and growing a business in an essentially backward country. I believe the shorts counted on the continued dysfunction of the PNG political scenario. But it appears that that a transformation is underway. ONeil and his vision seem to have created a groudswell of backing to take advantage of their gifts and deliver the fruits to their people. Its a massive shift in thinking. The birth of a nation is seemingly underway. My feelimg is that although therevare still and will be undermining influences, that a page has been turned. Is it any wonder that it is has taken 3 years to monetize EA? Im begining to have a greater respect for the IOC managers, surely navagating the labyrinthian channels of PNG politics and business has been a challenge. It does appear that their is light at the end of the tunnel. The future looks bright for PNG.