THE PRINCIPLE OF PERMANENT SOVEREIGNTY OVER NATURAL RESOURCES (PSNR) VIS-À-VIS BENEFITS FROM EXTRACTIVE INVESTMENTS: A HIGHLIGHT ON NATURAL RESOURCES INVESTMENT ARRANGEMENTS
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https://doi.org/10.55662/Abstract
The Principle of Permanent Sovereignty over Natural Resources (PSNR) is grounded in the need to ensure equitable benefits in the exploitation of natural resources between investors especially from developed economies and developing and less-developed host economies. The debate on inequitable benefits in the exploitation of natural resources started as a political discern in the UN General Assembly. It has now acquired the support of the world community and has developed into a new peremptory norm of international law of the status of a jus cogens principle of law.
This paper highlights the weight which the principle of PSNR carries in natural resources investment arrangements. It calls for natural resource-rich countries to reflect on the significance of embedding the principle of PSNR in their investment arrangements for the development of their economies and the people who are the owners of these resources. This paper evolves from the Ph.D. Thesis of the author at the St. Augustine University of Tanzania.
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