The Autonomous Bougainville Government recently signed a shareholders agreement with the Bougainville Refinery Limited (BRL) in Buka.
Described as a historical moment signaling a new era of economic growth and mutual benefit for both parties, this milestone marks the commencement of a significant partnership, one that aims to bring about transformative change to the socioeconomic landscape of Bougainville.
Vice President and Minister responsible for Commerce, Trade, Industry and Economic Development, Patrick Nisira, thanked the BRL for taking the risk in investing in Bougainville.
“As Minister responsible, this is one of the projects I see success and I will support whatever projects that will be able to revive Bougainville’s economy,” he said.
He congratulated BRL for agreeing to a 60/40 arrangement in which 60 percent of the shares go to the investors and 40 percent belongs to the government and its people.
Nisira added that there are other economic projects that are being supported to revive the economy of Bougainville. However, some have not been successful but these are some of the challenges they face.
“We will try to implement a lot of economic projects knowing that some will fail and some will succeed but today, I believe we will witness the signing of one of the projects that will succeed.”
President of the ABG, Ishmael Toroama, welcomed the BRL and stressed that his government was focused on raising the economy and realising the people’s dream for economic and political independence.