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.
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‘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.
BSP announced the appointment of Haroon Ali as Chief Risk Officer for the BSP Group based in Papua New Guinea. Ali will take over from Robin Fleming, who becomes the BSP Group CEO from 1 June [link].
Papua New Guinea’s largest bank, BSP, has joined PNG’s growing mobile wallet market, with the launch last week of Wantok Moni.
The next six months is a ‘highly vulnerable period’, according to the latest market outlook from Papua New Guinea finance company and stockbroker, Kina Securities Ltd.
The new President of Papua New Guinea’s Chamber of Mines and Petroleum is concerned about the impact of falling commodity prices. Smaller profits may see some of PNG’s resources projects put on the backburner, he warns Business Advantage PNG.
Papua New Guinea citizens will soon find it easier to travel to Australia, after Prime Minister Julia Gillard said PNG would join its online visa scheme and the process for obtaining five-year multiple entry visas would be eased.
John Tangit has been appointed Acting CEO of PNG Power, following the resignation of Tony Koiri.