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Oil Search puts K1.5bil into sustainable development in PNG

OIL Search Limited contributed more than K1.5 billion last year as its commitment to sustainable development in the country, according to chairman Rick Lee.
“We believe this is essential to maintaining a stable operating environment, which is critical to our long-term success,” he said.
Lee said the K1.5 billion comprised:

  • K380 million to the Government through taxes, royalties and levies;
  • K69 million in wages and benefits to Papua New Guinea-based employees;
  • K818 million in payments to PNG-owned suppliers;
  • K218 million in community investment procuring goods and services from local suppliers and contractors, and strategic community investment, both directly and through its contributions to the Oil Search Foundation; and,
  • K3 million to PNG shareholders.

“We donated almost K17 million in cash and kind to support earthquake disaster relief efforts and are continuing to provide assistance to help rebuild communities and livelihoods.”
Lee said Oil Search immediately mobilised a team to assist people after the earthquake early last year and made its Moro airport available for earthquake-support operations.
“In the first four weeks after the earthquake, we delivered approximately 80 per cent of total food supplies to affected areas, as part of our K17 million contribution to support relief efforts,” he said.
“Fifteen months on, the company, in partnership with the Oil Search Foundation, continues to provide recovery assistance to impacted communities.
“Our focus is on helping restore public health and rebuilding infrastructure such as hospitals, health centres and literacy libraries damaged by the earthquake.”
“We also continue to support the development of critical infrastructure in Papua New Guinea through the Government’s infrastructure tax credit scheme and national infrastructure tax credit scheme.”
Lee said Oil Search also project-managed and delivered Apec Haus for the Leaders’ Summit last November.
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