The delaying of negotiations over ExxonMobil’s proposed plan to develop the P’nyang gas field has led analyst Fitch Solutions to downgrade Papua New Guinea’s LNG export projections.
Sections
Bank South Pacific has just announced its 2020 financial results amid tough trading conditions. CEO Robin Fleming talks to us about the bank’s plans for 2021, foreign exchange shortages, and the need for greater competition.
The most important economic issue facing Papua New Guinea is job generation, according to Douveri Henao, Executive Director Business Council of PNG, and Paul Barker, Executive Director of the Institute of National Affairs.
Papua New Guinea is ranked as the tenth worst destination for investment in mining, according to the Fraser Institute’s Survey of Mining Companies 2020. Infrastructure and security were nominated as areas of particular concern.
Mayur Resources’ mineral sands project at Orokolo Bay, Gulf Province, is close to commencing according to Managing Director Paul Mulder. He highlights the opportunities to Business Advantage PNG.
With the death of Grand Chief Sir Michael Somare – the man who led Papua New Guinea to independence in 1975 and became Papua New Guinea’s longest-serving member of parliament – the Pacific has lost one of its most prominent and respected leaders.
Newcrest Mining says it can ‘unlock significant value’ at Lihir, Papua New Guinea’s biggest gold mine. David James takes a closer look at a mine forecast to produce over a million ounces a year.
Papua New Guinea is experiencing similar stresses to other economies in the Pacific region due to the impact of COVID-19. Two reports, by the Asian Development Bank and Pacific Trade Invest, highlight both the impacts and a way to recovery.
Julliane Terry, owner of the consultancy firm Tok Stret Consulting, has launched business incubator hub in Lae to foster innovation in PNG’s second city. ‘When something is happening in Lae, you can rest assured the rest of the country will benefit,’ she tells Business Advantage PNG.
With its domestic services in Papua New Guinea close to pre-COVID levels, national carrier Air Niugini is now looking to increase its international services, as it continues to provide an international economic lifeline for the country.