Declining oil prices have prompted a review of Oil Search’s activities, even as production hit record levels in 2015. Nevertheless, Papua New Guinea’s largest company says it is generating positive cash-flows and will be making a priority of future investment in the PNG LNG and Papua LNG gas projects.
In spite of a ‘challenging’ 2015 and tough market conditions, the latest Bank South Pacific analysis suggests that the ‘worst period may be over’ in Papua New Guinea. However, it is cautious about the prospects for the government’s planned US$1 billion ‘circuit breaker’ sovereign bond issue.
Ban imported vegetables suspended for three months, Mainland CEO calls for tougher bio security measures, and Oil Search confident, despite low oil prices. Your weekly digest of the latest business news.
The current rise in the US dollar is likely to flatten in 2016, offering respite to Pacific curencies, according to ANZ economists, Glenn Maguire and Eugin Lee.
The creation of a registry of personal assets to be used as loan security will boost the small business sector, according to Moses Liu, the Managing Director of the National Development Bank.
Stanley Petroleum appoints first woman chair, senior management changes at ANZ Bank
Chief Secretary to step down next month
The regional PACER Plus trade agreement will not pose a threat to Papua New Guinea’s manufacturing sector, but could rejuvenate it, according to Edwini Kessie, Chief Trade Adviser of the Pacific Island Countries, who spoke with Business Advantage PNG.
The Ok Tedi mine expected to start again in March, the US formally withdraws from fishing treaty, and unions call on government to honour superannuation commitments. Your weekly digest of the latest business news.
An analysis of Papua New Guinea’s three main power grids has revealed that inadequate maintenance of plants and the transmission lines is the primary cause of frequent power outages, according to a review conducting by London-based consultants, Economic Consulting Associates. The review also comes with some recommendations.