ABG satisfied with refinery deal

Bougainville fought to protect its resources. It is time to translate our resources into cash and shareholdings with investors, said the Autonomous Bougainville Government President, Ishmael Toroama.

Toroama made this statement during the recent signing of a shareholders agreement with the Bougainville Refinery Limited (BRL) in Buka.

Toroama stressed that BRL is one project that will highlight and give assurance to investors coming into Bougainville, adding that under the 60/40 arrangement, 40 percent for the government and its people will be broken further to drive independence aspirations and also to set up a sovereign wealth fund.

“From the 40 percent, 10 percent will be allocated for a special vehicle that will drive the independence aspirations, as President I want the other 10 percent to be put into a sovereign wealth fund for the people, and the remaining percentage of shares can be assessed and decided on where it will be put,” he said.

President Toroama reiterated that his only interest is for Bougainville to gain independence and welcomed the BRL to support the ABG in that drive, as his government’s challenge is to maintain the integrity of the political and economic journey of the people of Bougainville.

Meanwhile, directors of BRL have also expressed their excitement to embark on this venture with the ABG and its government entities.

A director of BRL, Joshua Heathcote, said: “This accord does more than just international investment - it serves as a catalyst for economic growth.

“Our partnership establishes a solid foundation for Bougainville to advance sustainably, enriching the prosperity and enhancing the well-being of the people of Bougainville.”

This partnership also stands as a model for the possibilities that can emerge from shared vision, collaboration and responsible business practices.

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