Category: Economy

Economy

Papua New Guinea a warning for poor nations rich in natural resources | Amit Jain

Rich in gas, gold and copper, Papua New Guinea is also one of the world’s least developed countries. Most of the population lives in remote communities that can be only be reached by aircraft or on foot. Oil, gas and mining account for almost 30% of the country’s gross domestic product. PNG LNG, the country’s first and so far the only gas project, was awarded in 2008 to a consortium led by Exxon Mobil on the promise of a windfall.