The international energy services company, Wood Group PSN, has won a contract with Esso Highlands to provide construction and maintenance to services to the Hides gas plant in Papua New Guinea’s Highlands and the new PNG LNG plant near Port Moresby.
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The latest business news from Papua New Guinea and the region
The ratings agency Moody’s has cut Newcrest Mining Ltd’s credit rating, declaring its outlook as negative, after the gold miner announced a AUD$6 billion (K12.6 billion) in asset writedowns in June.
Papua New Guinea’s Prime Minister Peter O’Neill is adamant that businesses on Manus Island ‘will directly benefit’ from the asylum-seeker deal signed last week by himself and Australian counterpart Kevin Rudd. But some business leaders are sceptical.
Oil Search has reported that while it has discovered only ‘modest’ quantities of natural gas during a new exploration campaign in the Gulf of Papua, it will continue drilling in the area.
Harmony Gold has become the latest gold miner to write-down its Papua New Guinea assets, as a sharp drops in bullion prices force mining companies globally to reassess the profitability of their mines.
The Cairns Chamber of Commerce has opened a branch office in Papua New Guinea’s capital city, Port Moresby.
The luxury cruise line Carnival Australia has signed a three-year deal with AusAID to boost local business tourism opportunities in Papua New Guinea and Vanuatu.
The Pacific’s tourist sector has been resilient to the falling Australia and New Zealand dollars, according to the July ANZ Bank Pacific Monthly update.
Australia will send up to 50 police officers to Papua New Guinea by the end of the year to help tackle the country’s growing law and order problem. The deal is one of a series of agreements arising from the 21-hour visit to Papua New Guinea this week by Australia’s Prime Minister, Kevin Rudd, to meet his PNG counterpart, Peter O’Neill.
Closer economic engagement with Far North Queensland, law and order, and health will be on the agenda when Australian Prime Minister Kevin Rudd visits Papua New Guinea today. Rudd will be the second Australian Prime Minister to visit PNG in the past two months, following former PM Julia Gillard’s visit in May.