The latest business news from Papua New Guinea and the region
The Asian Development Bank has begun its decade-long US$1 billion investment in the Highlands Highway, according to David Hill, the bank’s Country Director for PNG. He says the ADB is also planning significant investment in the health and civil aviation sectors.
LNG prices have surged but oil prices are stable, while cocoa prices are up but coffee is down. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets.
The government-owned Port Moresby water treatment company Eda Ranu is looking to bring more of its operations in-house. Chairperson Mary Karo tells Business Advantage PNG that preparations are also being made for APEC 2018.
As Horizon Oil awaits government and regulatory approval for their mid-sized Western LNG project, CEO Brent Emmett says it is considering using Kumul Petroleum’s alternative pipeline proposal, but wants assurances the pipeline is viable before committing.
The Papua New Guinea economy is unlikely to rebound strongly before 2020, according to a report by the World Bank. It forecasts steady, but unspectacular, growth.
The next health care challenge for Papua New Guinea authorities are the afflictions of modern society, says Myles Neri, Group Medical Director of International SOS. They include heart disease, stroke and cancer.
National airline Air Niugini is helping establish Jacksons International Airport as a regional hub, according to the company’s Chairman, Sir Frederick Reiher. He told the Business Advantage Papua New Guinea Investment Conference that the choice of new routes to China were made with that strategy in mind.
BSP wants another US$100-200m foreign exchange injection, Air Niugini expects local business benefits from Rugby League games, and gold refinery to expand. Your weekly digest of the latest business news.
The National Government has issued a Supplementary Budget to deal with the fiscal and economic issues facing Papua New Guinea. Economic commentators tell Business Advantage PNG that it is a tough budget, but flag that more measures may be needed.
Philippines port operator wins 25-year contract to run key ports, Westpac MD outlines reasons for foreign currency backlog, and domestic gas clause to be part of new LNG projects. Your weekly digest of the latest business news.