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Sovereign bond issue will ‘test’ Papua New Guinea’s market access, says Standard & Poor’s

11 Sep 2018 by 1 Comment
The Papua New Guinea government has begun spruiking its sovereign bond issue with a series of meetings with investors in Singapore, Hong Kong, London and the US, led by Treasurer Charles Abel. However, while Standard and Poor’s has given the issue a ‘B’ stable rating, others say the government may have to offer a premium to attract investors.
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‘Encouraging’ gas find likely to boost Papua New Guinea LNG expansion as China locks in long-term contract

5 Sep 2018 by 1 Comment
Analysis of test results from a potentially new LNG find at the Barikewa-3 well in the Papua New Guinea Forelands is underway but it’s too early to say how that gas will be commercialised, according to well operator, Oil Search. Meanwhile, the signing of a long-term contract for gas from PNG with China confirms demand for gas from China will continue well into the 2020s.
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Wages stagnating in Papua New Guinea according to salary survey

5 Sep 2018 by Leave a Comment
A recent salary survey has identified the need for investment in local talent to support better outcomes for the country’s professionals and organisations. The 2018/19 Papua New Guinea Salary Survey Report by human resources consultancy Peopleconnexion PNG surveyed professionals across the country about salaries and attitudes at work.
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Diving resort on Papua New Guinea’s Loloata Island set for early opening in 2019

4 Sep 2018 by 2 Comments
A completely redeveloped Loloata Island Resort, just out of Port Moresby, is scheduled to open in February or March of 2019, according to Lew Nielsen, Director of the resort. The signature tourism project is a joint venture of Lamana Development and NASFUND.
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In brief: Foreign exchange inflows improving, and other business news

28 Aug 2018 by Leave a Comment
Foreign exchange inflows improving, Moni Plus opens in Lae, and changes to boards of government-owned businesses. Your weekly digest of the latest business news.
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LNG prices have surged but oil prices move sideways: a monthly review of Papua New Guinea’s commodity and financial markets

28 Aug 2018 by Leave a Comment
LNG prices have jumped sharply and the cocoa price has been volatile. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
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MYEFO report says Government wants to bring forward sovereign bond raising to solve forex shortages

28 Aug 2018 by 1 Comment
The Government’s Mid-year Economic and Fiscal Outlook (MYEFO) statement has indicated that it is in the ‘advanced stages’ of negotiating the country’s first sovereign bond later this year. The strategy is being adopted to solve the nation’s foreign exchange shortages, but it does carry risks.
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Papua New Guinea’s Woodlark Island gold project to get go-ahead decision by year’s end

28 Aug 2018 by Leave a Comment
Milne Bay’s Woodlark Gold Project is likely to get the go ahead within the next three months, after developer Geopacific Resources assesses the definitive feasibility study which will be completed in Q3 this year. Managing Director, Ron Heeks, told Business Advantage PNG, if it goes ahead, production should commence in early 2020.
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Companies investing locally this year but will switch to starting up new operations next year, according to round table

21 Aug 2018 by Leave a Comment
Companies are reducing the size of the businesses, now using excess capital to acquire domestically but may be switching to starting up operations next year. They were some of the observations in a round table discussion on Papua New Guinea’s investment environment at the Business Advantage Invest Forum in Brisbane.
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