The latest business news from Papua New Guinea and the region
Late last month, Hong Kong-based satellite communications company Speedcast bought Australian satellite company Pactel International, and in a little-publicised deal, Digicel PNG purchased the country’s home-grown satellite company, Remington Communications, from the larger Remington group.
Interest in Papua New Guinea among businesses in far north Queensland, Australia, has never been higher. Business Advantage PNG dropped in on a regular PNG networking event in Cairns last week to learn more.
The PNG LNG project has reached another milestone with the opening of the 3.2km-long Komo Airfield in the southern Highlands, according to Oil Search Managing Director, Peter Botten.
The transformation of Bemobile mobile phone company following last week’s reported restructure has begun, with Bemobile’s Regional CEO for Papua New Guinea and Solomon Islands, Pradeep Lal, already in PNG to take the reins, and a contract to roll out 300 more towers in place.
The dream of high speed broadband in Papua New Guinea has taken a step closer, with the completion of a fibre-optic cable connecting Gulf Province with the ExxonMobil-run PNG LNG plant, 20km north of Port Moresby.
The Papua New Government is apparently exploring the option of a US dollar bond issue to help finance its investment in infrastructure, according to several financial market sources.
Mobile phone competition in Papua New Guinea and Solomon Islands is about to get tougher, after a deal which will see about US$250m (K550 million) in new funding for PNG’s second carrier, BeMobile, which will see it relaunched as Vodafone BeMobile.
The ownership structure of the Ok Tedi mine ‘had stood the test of time’ and there was ‘no good reason to change it,’ according to Chairman of Papua New Guinea Sustainable Development Program Limited (PNGSDP), Sir Mekere Morauta.
Port Moresby business leaders have welcomed a Cabinet decision to spend more than K700m (US$320m) on six major road projects for the National Capital District.
Airlines PNG says it will concentrate on improving its domestic services, after ending a code-sharing agreement with Virgin Australia on the Port Moresby to Brisbane route.