17 Oct 2007

PNG changes policy to lure foreign investors

12:06 pm on 17 October 2007

The Papua New Guinea Government has penned in 2011 or 2013 for the country's first Liquefied Natural Gas plant.

And with the arrival of nine multi-national oil and gas companies from Japan this week, the Post Courier reports the government is looking at amending policies to attract foreign investment and meet that dateline.

The Minister for Commerce and Industry Gabriel Kapris says that the government was keen on providing better incentives and policies to fast-track the development of LNG projects.

Mr Kapris told the Post Courier they want appropriate laws and government policies to lure foreign dollars into PNG and create wealth and prosperity for people.

The nine Japanese companies are JBIC, Nippon Oil Exploration Company, Itochu Corporation, JCG Corporation, Mitsubishi Gas Chemicals, Cosmo Oil Corporation, Mitsubishi Heavy Industries, Mummitomo Mitsui Banking Corporation and LNG Japan Corporation.