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WorldPapua New Guinea's Prime Minister Peter O'Neill Suddenly Resigns

10:35  26 may  2019
10:35  26 may  2019 Source:   bloomberg.com

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Peter Charles Paire O ' Neill , CMG (born February 13, 1965) is a Papua New Guinean politician and the Prime Minister of Papua New Guinea since 2011.

Sir Michael Somare, Sir Julius Chan and Sir Mekere Morauta pledge support to opposition in a vote of no confidence.

Papua New Guinea's Prime Minister Peter O'Neill Suddenly Resigns© Bloomberg Papua New Guinea Prime Minister Peter O'Neill Interview

(Bloomberg) -- Papua New Guinea Prime Minister Peter O’Neill has resigned, his Australian counterpart confirmed. The Australian Broadcasting Corp. reported he will hand over leadership to Julius Chan, citing comments at a media conference in Port Moresby.

“Peter has been a passionate servant of his country,” Australian Prime Minister Scott Morrison told reporters on Sunday in Canberra. Morrison was looking forward to working with O’Neill’s replacement, he said, without confirming Chan’s appointment.

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The Prime Minister of Papua New Guinea , is Papua New Guinea ' s head of government, consequent on being the leader of the party or coalition with majority support in the National Parliament.

Malacañang Grounds May 16, 2018 President Rodrigo Roa Duterte receives Prime Minister Peter O ’ Neill of Papua New Guinea in a welcome ceremony at the

O’Neill’s resignation comes as he faced a potential no confidence vote after dissatisfaction over a recently signed natural-gas agreement with France’s Total SA sparked a wave of ministerial resignations. His government on May 7 adjourned parliament until May 28, averting the immediate threat of a no-confidence vote.

Recent movements in the parliament have shown a “need for change,” the ABC report cited O’Neill as saying.

The government had been under pressure to get a better deal from the expansion of liquefied natural gas projects, including those led by energy giants Exxon Mobil Corp. and Total worth as much as $13 billion. That followed criticism from the World Bank and International Monetary Fund that the country’s original LNG project delivered its people only limited benefits.

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PNG’ s prime minister , Peter O ’ Neill , denied being a citizen of any other country after an opposition MP claimed he also held Australian citizenship. Photograph: Mick Tsikas/AAP. Papua New Guinea is facing a parliamentary crisis after accusations that the prime minister , Peter O ’ Neill , holds Australian

After seven years in the top job, Peter O ' Neill says recent movements in parliament show a need for change as he hands over the country' s leadership to Sir Julius Chan.

O’Neill’s resignation is likely to raise questions about plans to expand the LNG industry.

The country’s political turmoil poses a risk to the goal of doubling LNG exports by 2025, Fitch Ratings said in a report earlier this month. Citing the need for more clarity, Fitch maintained its forecast “for PNG’s robust planned and proposed LNG project pipeline to be realized in full.”

“Peter O’Neill looks to be striving to keep his coalition in power with the move to cede leadership to Sir Julius Chan,” said Shane McLeod, a researcher who specializes in PNG at the Lowy Institute. “By offering up the PM’s post he is targeting high-profile provincial governors (who were formerly in the government) and challenging them to vote for the government’s candidate.”

(Adds comment from PNG researcher in final paragraph.)

To contact the reporters on this story: Michael Sin in Hong Kong at [email protected];Mariko Ishikawa in Sydney at [email protected];Jason Scott in Canberra at [email protected]

To contact the editors responsible for this story: Niluksi Koswanage at [email protected], John McCluskey, Henry Hoenig

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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Papua New Guinea PM formally resigns amid political turmoil.
Papua New Guinea's prime minister, Peter O'Neill, has formally resigned, he said on Wednesday. "At 9.35 a.m. this morning I delivered to his excellency...the governor-general, my letter of resignation," he said in parliament at Port Moresby, the capital. O'Neill had promised to resign on Sunday after a string of defections from his government plunged his leadership in to question last week and cost him his parliamentary majority.

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