Papua New Guinea’s Government has an ambitious target of creating 500,000 locally-owned businesses over the next 20 years. The National Development Bank is key to its plans, as Managing Director Moses Liu explains.
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State utility PNG Power has been authorised to start negotiations with Hong Kong-based liquefied gas and power company, Energy World Corporation, to build a new 30MW-to-80MW diesel and gas-fuelled power plant in Port Moresby.
Power outages may become a distant memory, with Papua New Guinea’s power generation capacity set to double in coming years, largely due to increased investment from the private sector.
Bank of South Pacific has announced the resignation of company director John Jeffery.
Papua New Guinea’s much-anticipated second gas project could turn out to be an extension of its first, as ExxonMobil commences exclusive negotiations with InterOil and Pacific LNG.
Social media is increasingly influencing Papua New Guinea politicians; a warning that government revenues may fall amid a resources downturn; and more.
Japanese investment in Papua New Guinea’s gas resources has increased, with Japan’s second largest gas company buying a 40% stake in Australia’s Horizon Oil, which has an interest in several PNG petroleum leases.
‘A work in progress’ is how Brett Andrew describes his rebuilding of the decades-old Papua New Guinea finance firm, RIFL.
Thoughts on why so many Australian ministers to visit PNG recently, closer trade ties with Indonesia loom, and Vanuatu’s new PM discusses changing the status quo.
The Papua New Guinea Government plans to have a trade representative located in Jakarta from next year, as it seeks to boost trade and business links with neighbouring Indonesia.