The anticipated signing of a gas agreement for Pasca A, Papua New Guinea’s first undersea gas project, has stalled at the eleventh hour. Developer Twinza Oil says it will stand down its project team due to a last-minute State request it claims would render the project ‘unfinanceable’.
Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.
Palm oil sector issues warning on fertiliser tax, the Ihu Special Economic Zone is launched, and SME loans total K20 million. Your midweek news in brief.
BSP CEO says second COVID wave will impact PNG’s economic recovery, disappointing formal employment figures and Facebook acts on vaccine misinformation. Your business news in brief.
The Porgera gold mine in Enga Prince looks set to reopen later this year after the Papua New Guinea Government and mine operator Barrick Gold reached a ‘binding framework agreement’ to share future benefits from the mine and boost local ownership.
Ok Tedi Mining Ltd (OTML) announces changes to its management team.
Prime Minister Marape says government is ‘poised to sign’ a deal to reopen the Porgera mine, World Bank to help PNG Power and OK Tedi Mining resumes operations.
Oil Search is a key partner in the next wave of gas projects in Papua New Guinea but has faced a tough year. Business Advantage PNG speaks with Managing Director Dr Keiran Wulff on the company’s future in PNG and the rich potential of its gas reserves.
Communications Minister confident in a new telco by year-end, the ICCC initiates review of Kina’s takeover of Westpac, and Ok Tedi Mining pledges K10 million in COVID-19 relief. Your business news in brief.
Toyota Tsusho (PNG) Ltd, better known as Ela Motors, is Papua New Guinea’s largest vehicle retailer, with a market share of around fifty percent. Its CEO, Mitsuyoshi Okutsu, discusses the impact of COVID-19, new investment plans and how technology is transforming the motor industry.