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.
Dulciana Somare-Brash is a Political Advisor to the PNG Ministry of National Planning and Monitoring and the United Labor Party. If her maiden name sounds familiar, that is because she is the daughter of Papua New Guinea’s founding father, Michael Somare, and Lady Veronica Somare.
How did the informal economy developed in Papua New Guinea? John David Conroy, Visiting Fellow at the Australian National University’s Crawford School, explores informality in PNG and its repercussions.
John Byrne, President of the Lae Chamber of Commerce, tells Business Advantage PNG that, although there is an underlying level of confidence in PNG’s second city, infrastructure projects and investment are urgently needed.
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.