Port Moresby-based retailer/wholesaler Supreme Group found itself needing products and services it couldn’t source in Papua New Guinea, so it decided to create them. Group Managing Director Sanjay Shah, tells Business Advantage PNG that the group has grown quickly and is anticipating more diversification.
The Papua New Guinea government has begun spruiking its sovereign bond issue with a series of meetings with investors in Singapore, Hong Kong, London and the US, led by Treasurer Charles Abel. However, while Standard and Poor’s has given the issue a ‘B’ stable rating, others say the government may have to offer a premium to attract investors.
Analysis of test results from a potentially new LNG find at the Barikewa-3 well in the Papua New Guinea Forelands is underway but it’s too early to say how that gas will be commercialised, according to well operator, Oil Search. Meanwhile, the signing of a long-term contract for gas from PNG with China confirms demand for gas from China will continue well into the 2020s.
Papua New Guinea requires about 6 per cent of its GDP to maintain its infrastructure assets, according to Craig Lawrence, Principal at Lytton Advisory. He told the Business Advantage Investment Conference in Brisbane that the ‘build and neglect’ approach is twice as expensive as ongoing maintenance.
A completely redeveloped Loloata Island Resort, just out of Port Moresby, is scheduled to open in February or March of 2019, according to Lew Nielsen, Director of the resort. The signature tourism project is a joint venture of Lamana Development and NASFUND.
LNG prices have jumped sharply and the cocoa price has been volatile. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
How do Papua New Guinea’s two largest super funds, Nambawan Super and NASFUND, make investment decisions on behalf of their members? Two senior executives provide their investment guidelines, which have led both funds to perform well in difficult economic conditions.
Milne Bay’s Woodlark Gold Project is likely to get the go ahead within the next three months, after developer Geopacific Resources assesses the definitive feasibility study which will be completed in Q3 this year. Managing Director, Ron Heeks, told Business Advantage PNG, if it goes ahead, production should commence in early 2020.
PNG Biomass will reach a final investment decision in the fourth quarter of 2018 for its proposed power plant located in the Markham Valley, Project Director Michael Henson tells Business Advantage PNG.
The co-founder of Port Moresby based software company Crysan, Crystal Krewe said a partnership with Google, the APEC Secretariats in PNG and Singapore, and the San Francisco-based Asia Foundation will aim to sell bilums on-line. Called the Digital Bilum Project, the aim will be to create an international presence.