The latest business news from Papua New Guinea and the region
Papua New Guinea’s Prime Minister, Peter O’Neill, has confirmed the government will restructure the country’s interests in oil, gas and mining resources into two separate mining and petroleum companies. All other state-owned enterprises will be absorbed into a third holding company.
The Australia–Papua New Guinea Business Forum in Port Moresby next week will have a special focus on how to improve Papua New Guinea’s vast infrastructure needs.
Air Niugini has paid a divided of K7.6 million (US $3.5 million) to the government for the 2011 fiscal year, its second dividend since corporatisation in 1996.
The Governor of the Bank of Papua New Guinea, Loi M Bakani, has urged the Papua New Guinea Government to fund its projected large deficits over the next few years from the high levels of liquidity in the domestic banking system.
In a move that will have an immediate impact on internet users in Papua New Guinea, Telikom PNG has cut the fees it charges wholesalers for its internet services by an average of 68%, effective this month.
Papua New Guinea’s gross domestic product is set to increase by 5.5% in 2013, according to the Asian Development Bank’s latest Pacific Economic Monitor, released last week. This is compared to growth of 9.2% in 2012.
Work to upgrade 40-kilometre stretch of road between the port of Lae and Nadzab Airport into a four-lane highway is expected to begin in June 2013, according to the Lae Chamber of Commerce and Industry.
While Papua New Guinea’s Prime Minister Peter O’Neill says the ‘marriage’ between the two owners of the Ok Tedi copper mine in Papua New Guinea’s Western Province is over, the method of divorce remains a mystery for the time being.
Business people in Morobe Province are hoping a new timetable, which sees Air Niugini flying between Lae and Cairns via Port Moresby, is the first step towards direct flights between Australia and PNG’s second city.
PNG’s largest superannuation fund, Nasfund, released its annual results earlier this month. Business Advantage PNG spoke with its Chief Executive Officer Ian Tarutia.