Papua New Guinea’s largest company, Oil Search, is proposing to raise US$700 million (K2.4 billion) to strengthen its balance sheet in response to declining oil prices. The company’s stake in the PNG LNG project may also eventually be on the table.
Industry sectors
Papua New Guinea’s government has announced its Budget deficit will balloon to more than K6 billion, the biggest in the nation’s history. Treasurer Ian Ling-Stuckey has announced a well-targeted stimulus, but the International Monetary Fund needs to come to the party.
In an emergency session of parliament last week, Prime Minister James Marape extended Papua New Guinea’s state of emergency, and the ramifications will be significant.
With the recent death of more than 300 pigs in the Highlands region from African swine fever, the deadly virus has finally arrived in Papua New Guinea. What can the country and its farmers do to fight it?
Papua New Guineans Len Awinup and Lydia Lisa Dimokari are creating change through two initiatives that could level up the field for young people around the country.
Lisa Smyth meets four young Papua New Guineans who are working to transform their communities with their dynamic business ideas. In part one of this story, meet the man behind apparel brand Barata and the woman who’s building solar-powered walk-in fridges.
The World Bank and the International Finance Corporation are looking to step up investments in the Highlands. Michel Kerf, the World Bank’s Country Director for PNG and the Pacific Islands, describes to Business Advantage PNG the challenges and opportunities for the region.
Manasseh Maelanga, the Deputy Prime Minister of the Solomon Islands, says the Pacific country’s new government has turned its attention to infrastructure. Measures are being put in place to encourage private sector involvement in roads, ports and industrial townships.
Analysts have contrasting views on the effect of the oil price war between Russia and Saudi Arabia on long-term oil and gas projects in Papua New Guinea. David James considers these, and the likely impact on domestic petrol and diesel prices.
In a wide-ranging chat with Business Advantage PNG, the Managing Director of Papua New Guinea’s state-owned National Development Bank, Moses Liu, talks about becoming an emerging force in Papua New Guinea’s banking sector.