O'Neil is (of course) the Papua New Guinea's Prime Minister......
""As long as we create a business model which is managed outside the public service structure, and governance issues are addressed properly, the opportunity will yield good returns for our country."
Several Asian countries, he says, "have succeeded economically with very limited resources. We have an abundance. Our only problem has been our management of them".
"If we structure well, there is no reason why we shouldn't succeed as they have done, with professional managements and independent boards, and an ability to achieve global branding."
PNG has two trains of liquefied natural gas under way via the $19.5bn ExxonMobil-led project coming on stream next year, and O'Neill expects the gas resources controlled by Interoil to provide a further two trains. And a deal is moving closer whereby Interoil will obtain a major international partner; probably by Christmas, O'Neill expects.
This would create an LNG hub in PNG almost the size of Australia's North West Shelf, which has five gas trains.
The government is putting an increased focus on small and medium-sized firms, he says, "trying to get Papua New Guineans into business"
Expects IOC to provide an additional 2 trains for the XOM ng project. , And BY Christmas is expected to partner with a major . All I can say is choo choo !!! This statement alone should help to propel the pps back above $90 on Monday.