Pruaitch was speaking last Saturday during the closing of the umbrella benefits sharing agreement forum in Kokopo.
The state offered 7 percent equity to the four impacted LNG project provinces of Southern Highlands, Western, Central and Gulf.
Pruaitch said this was a remarkable moment in the young history of PNG because the umbrella benefits sharing agreement, or BSA, would provide the framework for the developments that would take place in each project license area, to discuss the distribution of benefits among landowners, provincial and local level governments.
He said during the course of the umbrella BSA, he was in Bali, Indonesia, for the Asian Development Bank board of governors meeting, where there was a lot of excitement about the liquefied natural gas project and many who attended expressed the sentiment that PNG would be the China of the Pacific when the benefits start to flow from this project.
Pruaitch said the last three weeks had brought about 2,000 people from four different provinces, from 25 different license areas and from a multiplicity of ethnic groups to discuss and agree on the guiding principles as to how the significant benefits that would flow from the PNG liquefied natural gas project should be distributed between the beneficiaries in the upstream areas as well as benefits to the rest of the country.
He said the absolute scale of this project would be huge for our economy and our national transformation as well as bring infrastructural development not only into the urban areas but also to the most remote areas of the country.
