Joint venture to sell Papua LNG output, Second mining lease issued in Bougainville, Cabinet approves Ramu Two project. Your weekly digest of the latest business news.
Latest news
The latest business news from Papua New Guinea and the region
A well-managed economy and a 20-year vision are two reasons Credit Corp has set up shop in Timor-Leste. Country Manager, Chris Durman, outlines his own vision to Business Advantage PNG.
Greg Pawson, the newly appointed Chief Executive of Kina Securities, has said that the world economy is showing signs of recovery, which will have a positive effect on the economy. But he believes that Papua New Guinea still faces big structural challenges.
Business’ failure to pay taxes prompts tax reform review, SABL files go missing in Lands Department, and 30 companies face licence cancellations. Your weekly digest of the latest business news.
The fourth Extractive Industries Transparency Initiative (EITI) report, compiled by consultants Ernst & Young, shows that the sector dominates exports and is a major part of the nation’s GDP, but it is less of a contributor to employment and government revenue.
Oil prices continue their rise but LNG prices have eased. Cocoa and palm oil prices are slightly stronger. Business Advantage PNG’s monthly overview of commodity and financial markets.
With the focus on major resources projects, Papua New Guinea is missing the opportunity to develop a thriving agri-tourism sector, Papua New Guinea Women in Agricultural Development Foundation (PNGWiADF) President, Maria Linibi tells Business Advantage PNG.
Perth-based explorer Kalia Ltd has begun geological surveys on its two licence areas, after winning exploration licences under the new Bougainville Mining Act. Managing Director Terry Larkan tells Business Advantage PNG that, while the licence areas’ resources are unknown, the licences have ‘the right address’.
The long commodity bear market is coming to an end, according to Richard Yetsenga, Chief Economist for the ANZ Banking Group. He also observes that, in a world growing more sceptical about globalisation, there is growing competition for foreign direct investment.
Conducting stevedoring transactions in US dollars instead of kina is an opportunity to get in much-needed foreign exchange, according to Ted Muttiah, Director, Asia Pacific, for ICTSI South Pacific. He tells Business Advantage PNG the company, which has been appointed to manage new ports at Motukea and Lae, is aiming high.