Big difference if money flows in-country: Smare

Major upcoming resource projects will have a big impact in the country only if money is spent and flows in-country.

Nambawan Super Limited (NSL) Chairman, Anthony Smare, in a brief response to his 2019 outlook, said many of the project signings have been delayed due to negotiations on the benefits that may be derived from them.

He said NSL was also looking at opportunities where major resource projects are expected to begin.

“If they spend money in country, then we see the benefits. If they don’t spend the money, we don’t see the benefits.

“I know that some of the delays with some of the negotiations and signing of those agreements, is because government is trying to impose more conditions about what they spend in country, how much in tax they have to pay, and those things. So if it works it makes a big difference.

“When Wafi-Golpu construction starts that will be a big impact in Lae. And that we see is positive for our investments in Lae. We have Nambawan Super Haus and Morobe Haus in Lae, we have a number of projects we are looking at in Lae so that will be very positive,” said Smare.

Last week, the Papua LNG Gas Agreement was signed defining the fiscal framework of the project.

(Loop Filepic)

Author: 
Cedric Patjole