Papua New Guinea’s very own gourmet chocolate may have only been on sale for a few weeks, but its production line has already been honoured with a visit from the recent business delegation that accompanied the Thai Prime Minister.
Industry sectors
From this month, the European Union (EU) won’t be accepting illegally produced wood products. What impact will its decision have on PNG’s forestry sector?
Papua New Guinea’s first listed investment company, Kina Asset Management Ltd, (KAML) has announced a net profit of K4.73m ($US2.21m) in 2012, compared to a net loss of K9.43m (US$4.41m) the previous year.
Papua New Guinean finance company Credit Corporation, the target of recent buyout interest from BSP, has posted increased profits of K106.11 million in the financial year ending 31 December 2012.
The codeshare arrangement between Airlines PNG and Virgin Australia should be allowed to continue, according to a draft decision released yesterday by the Papua New Guinea Independent Consumer and Competition Commission (ICCC).
Papua New Guinea’s economy is generally under-serviced, offering opportunities to provide a wide range of services, says Lutz Heim.
Oil and gas exploration and production company, Oil Search, has reported a US$175.8 m profit in its preliminary annual results, a 13% fall on last year, which the company attributes to high exploration expenses.
With gas production from the US$19 billion PNG LNG project due to start next year, Peter Graham, Managing Director of Esso Highlands Limited, talks exclusively to Business Advantage PNG about the long-term impact of the project on the economy.
New Britain Palm Oil Limited reported a 70.4% gross profit decrease to US$81.6m in 2012.
Papua New Guinea will be heavily reliant on its liquefied natural gas exports for many years to come. Rod Myer considers how PNG’s aspirations may be affected by global trends.