PNG’s state-owned mine is undergoing a radical restructuring which will result in a 25% workforce cut and see the company move to a Fly-In, Fly-Out operation, says Managing Director and CEO, Peter Graham.
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The latest business news from Papua New Guinea and the region
In brief: Oil Search fends off takeover offer after Woodside shelves bid, and other business stories
Woodside drops takeover bid for Oil Search, coffee pulper machine installed for smallholders in Jiwaka Province, and market conditions force Hides Gas Development Company to cut workforce. Your weekly digest of the latest business news.
There is some relief ahead for businesses struggling to access foreign exchange, according to the CEO of the country’s biggest bank, BSP. Robin Fleming says investment in the mining and petroleum sector and a new Sovereign Bond are the keys to boosting foreign exchange inflows.
Papua New Guinea will find itself in a tight fiscal situation in 2016, according to the latest analysis by the Asian Development Bank’s economists. While more efficient public spending could yield large savings, they suggest more may need to be done to arrest the downward pressure on the currency.
Papua New Guinea’s state-owned National Development Bank is preparing to apply for a full commercial banking licence by early 2017, according to Managing Director, Moses Liu.
Eleven years after the Papua New Guinea government’s National Executive Council approved the scheme, the Pacific Marine Industrial Zone (PMIZ) in Madang Province has finally been launched, with local business leaders saying it will reduce freight costs, speed up transport and reduce congestion at Lae’s wharves.
Regulatory stability, and how industry and Government can work together to deliver ‘shared benefits’ will be key themes of next week’s Papua New Guinea Mining and Petroleum Seminar in Port Moresby, according to PNG Chamber of Mines and Petroleum Executive Director, Greg Anderson.
Business welcomes the Agriculture Minister’s decision to temporarily lift a ban on some imported vegetables, but calls for more government support to lift production—and more consultation.
Two major takeover offers involving leading companies operating in Papua New Guinea’s oil and gas industry have emerged in recent months. Business Advantage PNG spoke to oil and gas analysts about what this mergers and acquisitions activity means for the sector.
Capital raising launched by Santos, Australia to provide drought relief for Papua New Guinea and National Fisheries Authority secures South Korean contract. Your weekly digest of the latest business news.