The signing of a fiscal stability agreement between Papua New Guinea and French oil major Total looks set to trigger the FEED phase of the multi-billion dollar Papua LNG project. Wapu Sonk, Managing Director of national oil company Kumul Petroleum, tells Business Advantage PNG the signing is expected within the next two weeks.
Departing PNG Power Chairman Peter Nupiri has called for less political interference in the state-owned utility and a ‘strong commitment’ from government for its reform.
A joint communique issued earlier this month by Papua New Guinea’s Prime Minister James Marape and new Bougainville President Ishmael Toroama has committed them to moderated ‘joint consultations’ over the autonomous region’s desired independence. It has again brought focus on the future of the island’s massive Panguna copper and gold mine.
Peter Aitsi, Group Chief Executive Officer of Credit Corporation PNG, says the COVID-19 pandemic has had a significant impact on operations. He tells Business Advantage PNG that the company is moving to a more agile digital platform and diversifying its product range.
A new lender, Savi Moni, is entering Papua New Guinea’s financial services market. Founder and Managing Director Nick Keane tells Business Advantage PNG that the aim is to minimise the burden on employers, provide affordable and responsible loans, and promote financial wellbeing.
With its estimated 760,000 population expected to grow by between 2.5 and four per cent annually, Port Moresby has a challenge to grow successfully. A new urban development plan outlines how it could be achieved.
A new World Bank report on the economic and employment impact of COVID-19 on Pacific Island Countries has shown that the harm to Papua New Guinea’s economy, labour market and education has been extensive.
Health products company SkinnyMe Weightloss has built a business in Papua New Guinea that boasts 10,000 members.
The prospects for the prices of metals Papua New Guinea exports are mostly positive, reports David James from the recent International Mining and Resources Conference.
Kina Bank has consolidated its position as Papua New Guinea’s second largest bank, and also taken a first step towards becoming a regional bank, by acquiring the assets of Westpac in Papua New Guinea and Fiji.