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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

PNG wealth fund bill passes first reading

Posted on 23 February 2015

The Prime Minister Peter O’Neill introduced the bill, reportedly designed to safeguard the nation’s wealth generated from its petroleum and mineral resources.The Post Courier reports that Parliament voted 82-0 for the bill on its first reading - it is expected to become law by April after a third reading.
Mr O’Neill said it was urgent to pass the law because the first revenue from PNG’s landmark LNG gas project will be paid in late March, as advised by operator ExxonMobil. Mr O’Neill said there are two components to the overall Fund, one a “future’s fund” and the other a “stabilisation fund”………………………………………..Full Article: Source


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