31 Jul 2008

PNG PM wants briefing on Bogenvil business deal

1:38 pm on 31 July 2008

The Papua New Guinea Prime Minister, Sir Michael Somare, wants a full and frank briefing on the controversial Bogenvil Resource Development Corporation agreement completed by the autonomous Bougainville Government.

The Post Courier reports Sir Michael as saying his Government remains committed to the transfer of mining, oil and gas functions as agreed with the late Bougainville president Joseph Kabui earlier this year.

But he says the National Government has not been given the information it needs to assess the implications the Corporation agreement and the related arrangements with Canadian company, Invincible Resources.

Sir Michael says the National Government needs to know that it is legally compliant with PNG law.

And he says they want to know who the parties are, their qualifications, capacities, and reputations and what their contributions will be, including the sums, origins and any conditions attached to funds they have promised.

Sir Michael says this is what is normally required of any foreign investor but it is especially important in this case, given Bougainville is still recovering from a conflict in which mining was a key issue.