Lae is set to become the South Pacific’s main fish processing centre, with the opening of one massive new cannery this week, the commencement of construction for another, with more on the drawing board.
Latest news
The latest business news from Papua New Guinea and the region
Newcrest Mining has revealed it is aiming to ‘simplify’ operations at the Lihir and Hidden Valley gold mines in Papua New Guinea, after writing down the value of its mines in PNG, Australia and Africa by AUD$6 billion (K12.6 billion).
Papua New Guinea Sustainable Development Program Ltd appears to be resigned to losing its main asset, the Ok Tedi mine, to the PNG Government. What are the implications if the takeover goes ahead?
Papua New Guinea Sustainable Development Program Limited has been under heavy political pressure to relinquish is majority ownership of PNG’s largest mine, Ok Tedi. In this speech, delivered at the announcement of the company’s 2012 annual report this week, PNGSDP Chairman Sir Mekere Morauta appears to concede the loss of Ok Tedi, arguing for a sale on fair terms, and ponders both the future of PNG’s largest mine, and his own organisation.
Papua New Guinea’s economic growth and low debt has pleased international credit rating agency Moody’s, although local businesses and financial institutions will be largely unaffected by its latest rating.
Papua New Guinea has passed new laws increasing the penalties for white-collar crime, as it revived the death penalty for crimes such as aggravated rape, pack rape, or where the victim is a child under 10 years of age.
Indonesia and Papua New Guinea have ratified their double taxation treaty, in a sign of developing closer economic relations.
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.
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.
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.