Review of Mining Act next year, acting Tax Commissioner warns of criminal action against companies not forwarding taxes to government and wholesale internet prices may drop by two-thirds. Your weekly digest of business news.
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The latest business news from Papua New Guinea and the region
The 20-year National Road Network Strategy to improve Papua New Guinea’s roads is about to begin. David Wereh, Secretary of the Department of Works & Implementation, says the strategy aims to address both maintenance of existing roads and building new connections.
The oil price has been extremely volatile this month, while LNG has strengthened. The cocoa price is also up sharply. Business Advantage PNG’s monthly overview of commodity and financial markets.
Papua New Guinea’s Minister for Treasury finds the national budget in a ‘much more fragile situation’, K12 billion in unbanked money circulating, and poor regulations may be affecting SMEs. Your weekly digest of business news.
Papua New Guinea’s Prime Minister, James Marape, has issued The Marape Manifesto, a blueprint outlining his priorities in government. It flags some big changes, especially in the resource sector. David James explores.
Prime Minister James Marape has made a pledge to raise Papua New Guinea’s cash revenue to K15 billion over the next two years, Kumul Consolidated Holdings falls K400 million short from what was budgeted for 2019, and a reconciliation ceremony is proposed between the National Government and the Autonomous Region of Bougainville.
Changes to the Oil and Gas Act, Prime Minister James Marape has announced that he wants to get the Wafi-Golpu gold mine ‘operational at the soonest’, and opposition leader Patrick Pruaitch has presented a case to challenge Marape’s election as prime minister. Your weekly digest of business news.
Papua New Guinea’s Petroleum Minister has announced that the government will honour a gas deal struck with French major Total SA for the US$10 billion Papua LNG project. The project will be the single largest foreign investment in the Pacific country since the advent of the US$19 billion PNG LNG project a decade ago.
Twinza Oil (PNG) to progress Pasca LNG project, Papua New Guinea’s Prime Minister has said that a Supplementary Budget may be announced within the next few weeks, and the Coral Sea Cable project is nearing completion. Your weekly digest of business news.
In an exclusive interview with Business Advantage PNG, ratings analyst Rebecca Hrvatin, says PNG’s fiscal imbalances will improve—provided the Papua LNG project continues as planned.