The kina is more than 20 per cent overvalued, according to Marcel Schroder, a lecturer in economics at the Development Policy Centre in the Australian National University (ANU), speaking to a joint University of Papua New Guinea/ANU event in Port Moresby. One option is to introduce a dual exchange rate for a limited time.
Oil prices have weakened, but copper has had an upwards run. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Papua New Guinea’s foreign exchange problems are a symptom of an overly narrow industry base, according to a new report by the Business Council of PNG. It says the new government also needs to look at widening the tax base and improving infrastructure.
Oil prices have recovered and coffee and cocoa are both strong. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Funding the re-opening of the Panguna copper mine is a key concern for a newly-formed Joint Committee of landowners, BCL and governments, says Bougainville Governor, John Momis. Independent analysts believe it is likely to come from one of the global mining majors.
A simulated gas processing plant has arrived in Port Moresby for use at the new Kumul Petroleum Academy, and is due to begin operating by September.
It has been a patchy month for energy prices and precious metals, while agricultural prices have been sharply weaker. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets.
Since 2014, Puma Energy has been Papua New Guinea’s major refiner and retailer of petroleum products. Its also part of a global energy operation that spans 47 countries. Jim Collings, Country General Manager, explains some of the challenges of supplying a country which is still heavily reliant on diesel fuel.
Cooperation amongst the energy majors in Papua New Guinea is leading to greater efficiency and higher international standing, according to industry leaders and analysts. What is happening in PNG appears in stark contrast to recent experiences in Australia’s LNG industry.
Highlands Pacific is expanding its focus from large projects and exploration, to controlling interests in smaller projects offering near term returns. Highlands Pacific Managing Director, Craig Lennon, tells Business Advantage PNG it is a response to market changes.