The latest business news from Papua New Guinea and the region
The anticipated signing of a gas agreement for Pasca A, Papua New Guinea’s first undersea gas project, has stalled at the eleventh hour. Developer Twinza Oil says it will stand down its project team due to a last-minute State request it claims would render the project ‘unfinanceable’.
Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.
Port operator International Container Terminals Services is looking to improve efficiency at Papua New Guinea’s ports, and opening the way for new business opportunities.
BSP CEO says second COVID wave will impact PNG’s economic recovery, disappointing formal employment figures and Facebook acts on vaccine misinformation. Your business news in brief.
The Porgera gold mine in Enga Prince looks set to reopen later this year after the Papua New Guinea Government and mine operator Barrick Gold reached a ‘binding framework agreement’ to share future benefits from the mine and boost local ownership.
Prime Minister Marape says government is ‘poised to sign’ a deal to reopen the Porgera mine, World Bank to help PNG Power and OK Tedi Mining resumes operations.
Papua New Guinea took a step closer to resolving a significant governance issue related to its stock exchange, PNGX, following a National Court ruling late last month. However, uncertainty continues to hold back PNG’s capital markets, reports David James.
Communications Minister confident in a new telco by year-end, the ICCC initiates review of Kina’s takeover of Westpac, and Ok Tedi Mining pledges K10 million in COVID-19 relief. Your business news in brief.
The COVID-19 pandemic has had a mixed impact on Lae-based manufacturer, KK Kingston. Chief Executive Michael Kingston reflects on how the company has handled a ‘black swan’ event that was impossible to anticipate.
The PNG Chamber of Mines and Petroleum pledges to join help with COVID-19 efforts, news on the Simberi gold mine revised MOA and a new report highlights strategies to help the coffee industry. Your business news in brief.