The proposed takeover bid by petroleum giant Oil Search to buy competitor InterOil Corporation will not be supported by Papua New Guinea’s alternative government.
Opposition leader Don Poyle says he does not support the takeover bid.
“I have always supported diversity in business in Papua New Guinea.
“I do not understand the details of the takeover, but I must say that Papua New Guinea does not need a monopoly in any industry.
“We must facilitate a competitive (business) environment that is where values are added because you get quality, affordability and reduced liability to the state.
“But once I study the details of the takeover I will release a statement.”
Oil Search is a major player in Papua New Guinea’s oil and gas industry. The company this month announced the proposed US$2.2 billion (K6.96 billion) purchase bid of InterOil shares.