6 Jul 2006

PNG government having second thoughts about state asset sell-off

10:28 am on 6 July 2006

The sale of state-owned corporate organisations initially earmarked for privatisation in Papua New Guinea could be delayed or abandoned.

That's the indication from Prime Minister Sir Michael Somare after Port Moresby water supplier Eda Ranu made a net profit of over 1-million US dollars for the 2005 financial year, after five years of continuous negative growth.

The Post Courier newspaper reports that Eda Ranu board executive chairman, Timothy Bonga told Sir Michael and the board directors that the city water and sewerage supplier had completed major infrastructure works programs and was set for further expansion.

Affirming his decision to abandon the privatisation process, Sir Michael says there were entities which could and could not be sold.