Kumul Petroleum has announced that the PNG government has negotiated an additional seven per cent equity with future joint venture projects with Total after ‘remobilisation talks’ regarding the Papua LNG project in Paris last week.
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The latest business news from Papua New Guinea and the region
The Internal Revenue Commission to audit logging companies claiming GST, SP Brewery gets international recognition and PNG DataCo launches COVID-19 website. The business news in brief.
There are signs of a renewed effort to push ahead on the Total-led Papua LNG project after successful meetings between the company’s CEO and a senior government delegation.
Power outages in Papua New Guinea’s second largest city linked to K60 million debt, government looking into outstanding debts and new partnership between the Morobe Provincial Government and the National Airport Corporation. The business news in brief.
Vaccine roll-out commences in Papua New Guinea, the effects of the liquor ban in PNG breweries, and funding for the Edevu Transmission and Electrification project. Your business news curated.
Papua New Guinea’s economy will recover modestly in 2021 and 2022, but financial stresses will persist, says the Asian Development Bank’s Asian Development Outlook for 2021. It also argues strongly for the reform of PNG’s state-owned enterprises.
Vaccine rollout announced for Papua New Guinea’s 22 provinces, Enga Electrification Project gets funding and Kumul Petroleum to seek funding for gas fields overseas. The news in brief.
Having emerged from the ‘most challenging’ year in its 92-year history, Oil Search Ltd is now facing an escalation of COVID-19 infections in Papua New Guinea. In spite of this, shareholders at its annual general meeting were told PNG’s largest company is ‘coming through the challenges well’.
Fitch Solutions downgrades growth projections for Papua New Guinea, St Barbara Ltd unveils promising feasibility study for its Simberi gold mine, and Kina Bank introduces fee-free account. The news in brief.
The exodus of expats from Papua New Guinea due to COVID-19 has had a dramatic effect on the country’s real estate sector. Robert Upe reports.