Businesses must reinvest in PNG: O’Neill

Prime Minister Peter O’Neill encouraged investors to reinvest in the country and not only take from Papua New Guinea.

“Companies cannot expect to take from the country only; they must give back to the country as well, give back more so to the people,” O’Neill said.

He made this comment during the launching of the rebranding of Oil Search Foundation yesterday.  

The foundation is the humanitarian arm of Oil Search Limited.      

“Thanked Oil Search directors and management for generous financial commitment of the betterment of the people, it will change lots of life in the country,” O’Neill said.

That was the words from OSL managing director Peter Botten when commenting on the funding to the company’s humanitarian arm, Oil Search Foundation.

OSL earlier this week announced the board decision giving K185 million (US$56 million) for over five years, from 2016 to 2020.

“Today in this world, government must continue to work strongly with private sectors, which are one of the best ways to see that the outcomes we want for our people will be better achieved through partnerships of such,” the PM said.  

 “This approach is setting new standard and shows how companies must operate in a developing country like Papua New Guinea and we are proud that it is done through a local company that is Oil Search. 

Author: 
Charles Yapumi