The board of InterOil has accepted that the ExxonMobil bid is ‘superior’ to the bid by Oil Search. But the deal will not be completely finalised until a proposed shareholders’ meeting in September. And there are some legal obstacles that have to be dealt with.
Cruise liner tourism in PNG and the Solomon Islands could grow five-fold within two years, according to a study commissioned by the Australian Government, the IFC and cruise operator Carnival Australia. We asked the IFC’s Senior Operations Office, Dina Nicholas, what will make this growth happen.
ExxonMobil PNG may have trumped Oil Search’s bid for InterOil Corporation, but Papua New Guinea’s largest company will still benefit from the US major’s US$2.3 billion bid, according to Oil Search’s Managing Director Peter Botten. He tells Business Advantage PNG that the bid by ExxonMobil delivers most of the benefits of Oil Search’s take over offer and pushes the ‘cooperation agenda’.
The Autonomous Bougainville Government (ABG) says it is likely to put exploration licences out to international tender as a first step towards restarting the K177 billion Panguna gold and copper mine. Governor John Momis tells Business Advantage PNG he expects the ABG to take up Rio Tinto’s offer of shares, claiming that the national government should pass on the shares it was given by Rio to the ABG.
Two years ago, Port Moresby based ICT company, Kumulsoft, branched out into writing tailored software products for local companies and government departments. Now they have six major clients on the books, as well as a number of law firms. Partner Marsh Narewec explains their success to Business Advantage PNG.
The Papua New Guinea authorities should allow the currency to fall to its market level to make foreign bond raisings less risky says economist Rohan Fox. He tells Business Advantage PNG that domestic banks are reaching the limits of their capacity to take on government debt, which is increasing the pressure to raise capital internationally.
Next week, the Papua New Guinea-focused gas explorer InterOil may well have a new owner, after its shareholders consider rival offers from Oil Search and ExxonMobil. Business Advantage PNG considers the implications for PNG’s second gas project, Papua LNG and the wider economy.
Roberta Morlin is developing an app that will be able to provide direct medical consultation for women in remote PNG. She explains to Business Advantage PNG how it would work and the challenges of being a young entrepreneur in PNG.
There is a growing call for greater protection of Papua New Guinea industry to respond to allegedly unfair international competition. A number of manufacturers tell Business Advantage PNG that most countries have used protectionism to foster their domestic industries and it is time for PNG to do the same.
Papua New Guinea’s industries need to be protected if the nation is to proceed on the path to full industrialisation, says economist Michael Kingston, Chief Executive of manufacturer KK Kingston. He believes PNG can learn from Asia’s record.