Business Advantage International has announced the date for its next major PNG investment conference. The Business Advantage Papua New Guinea Investment Summit will be staged in Sydney in September 2017.
Latest news
The latest business news from Papua New Guinea and the region
For the first time the uniforms of Papua New Guinea’s Olympic athletes have been fully made locally by a PNG-owned company. That company is Wantok Clothing and founder Genevieve Igara tells Business Advantage PNG that it has shown what is possible.
St Barbara recently announced that gold production from its Simberi mine in New Ireland rose by 39 per cent in the year to June: exceeding ‘the upper end of guidance.’ Managing Director Bob Vassie tells Business Advantage PNG that the company is looking to explore more in Papua New Guinea.
The board of InterOil has accepted that the ExxonMobil bid is ‘superior’ to the bid by Oil Search. But the deal will not be completely finalised until a proposed shareholders’ meeting in September. And there are some legal obstacles that have to be dealt with.
National Executive Council to discuss future of Bougainville shares, gold production at Lihir up and Bougainville government launches a new tourism initiative. Your weekly digest of the latest business news.
ExxonMobil PNG may have trumped Oil Search’s bid for InterOil Corporation, but Papua New Guinea’s largest company will still benefit from the US major’s US$2.3 billion bid, according to Oil Search’s Managing Director Peter Botten. He tells Business Advantage PNG that the bid by ExxonMobil delivers most of the benefits of Oil Search’s take over offer and pushes the ‘cooperation agenda’.
The Papua New Guinea government has released its Mid-Year Economic and Fiscal Outlook Report. GDP growth is expected to be weak, tax revenue is lower than expected and public debt is rising above the legislated limit.
The Autonomous Bougainville Government (ABG) says it is likely to put exploration licences out to international tender as a first step towards restarting the K177 billion Panguna gold and copper mine. Governor John Momis tells Business Advantage PNG he expects the ABG to take up Rio Tinto’s offer of shares, claiming that the national government should pass on the shares it was given by Rio to the ABG.
Competition Commission concerned about possible monopoly in gas sector, O’Neill to issue statement on government shareholding in BCL and ANZ Bank CEO says there may be a need for a Supplementary Budget. Your weekly digest of the latest business news.
Next week, the Papua New Guinea-focused gas explorer InterOil may well have a new owner, after its shareholders consider rival offers from Oil Search and ExxonMobil. Business Advantage PNG considers the implications for PNG’s second gas project, Papua LNG and the wider economy.