James: Marape and Interest

james: Credit James Marape/Facebook Tabling significant changes to the country's oil and gas legislation in Parliament last week, Papua New Guinea's Prime Minister James Marape said PNG's oil and gas laws have been crafted and applied to entice foreign capital and know-how'. As a consequence, he stated, the National Interest' has been subordinated to Commercial Interest' at great cost to the people of PNG. Attracting foreign investors and capital is important, but this cannot remain unchecked forever,' Marape said, according to NOW Magazine. He added that foreign investors are not here to support our National Interest agenda unless it suits them or they are compelled by law or politics to do so. Prime Minister James Marape. They are motivated by profit, not nation building.' We need to dispel the myth that industry doesn't put a lot of money into PNG government coffers.' The new Oil and Gas Amendment Bill 2020, which seeks to amend PNG's existing Oil and Gas Act 1998, appears to be an important change of direction. This necessarily means taking control of exploration activities through to development. Marape said there must be a greater share of revenue' going to the government, arguing that PNG gets a lower level than comparable producing countries around the world. (www.immigrantscanada.com). As reported in the news.