"Petronas Berhad Malaysia gave a positive response to assist [PNG] to develop its oil and gas resources on a joint venture arrangement, including existing developers," the leaders added. Under the terms of the trade agreement signed between the two countries, Petronas has been invited by the PNG government to help the island nation to develop its oil and gas sector.
At a press conference held before the departure of the Malaysian delegation, Dr Mahathir was queried by journalists about earlier comments he was alleged to have made about PNG being a "failing State". To this he replied that he felt that "PNG was richer than Malaysia … at least what we assumed Malaysia was like in 1957".
The Malaysian prime minister than reiterated his point on how PNG could grow. "Malaysia has got some oil and gas. But you know you have oil and gas. How do you exploit oil and gas? If you can do that then you should not fail," said the soon-to-be-retiring Malaysian leader.
Dr Mahathir's retort echoed an earlier statement that was issued by Sir Michael. "We must use our oil to trigger off the industrialisation of our country," said the PNG minister when he stressed the importance of having Malaysian investment experience to be brought into the country.
