Papua New Guinea’s prime minister says he’s deeply concerned about the state of the nation’s electricity provider after the ABC revealed it is over $1.5 billion in debt.
00:00James Merappe says he's asked for a detailed report into PNG Power, the country's national electricity provider, which is trading insolvent and owes over $1.5 billion to its creditors.
00:15The state-owned company is the sole electricity provider in Papua New Guinea, a country where unreliable power affects everyone from businesses to individuals.
00:25In a six-month investigation, the ABC spoke exclusively with insiders who described PNG Power's position as hopeless and untenable, sparking calls for a commission of inquiry into the company.
00:37Prime Minister Merappe won't commit to that, but he's asked for more information about the company's status.
00:43I'm very concerned. I've asked for a full report on where we are in terms of the company standing, the entire credit list listing, as well as the status of the company to date.
00:58So the Minister of Concern and the KCH, I'm awaiting a report from them, and as soon as I have a full report, we will see what we need to do.
01:07It comes as the PNG government looks to sell off 49% of PNG Power to a private investor, sparking concerns in Canberra that the company and its assets could come under Chinese ownership.
01:20But others believe the company in its current state isn't an attractive investment to China or anyone else.
Be the first to comment