Duma to review SOEs before privatisation process, Santos reported to be selling PNG LNG stake, KCH receives study on proposed 1800MW hydro dam. Your weekly digest of the latest business news.

Public Enterprises and State Investments Minister, William Duma, says he will review all state-owned enterprises (SOEs) before any privatisation of government companies take place.

***

SOE Minister, William Duma. Credit: PNG Facts

Santos is reported to be reviving attempts to sell some or all of its 13% stake in the PNG LNG project in a deal that could net about A$1.5 billion. Japan’s Marubeni has been mentioned in connection to a sale of Santos’ stake, while Mitsubishi, Mitsui and Osaka Gas are also seen as logical buyers. Santos is expected to announce spending cuts on its Australian assets when it reports earnings on February 19.

***

Kumul Consolidated Holdings has received a feasibility study for the proposed 1800MW hydro dam project at Karimui, Chimbu Province. Construction is proposed to commence in 2017 and be completed by 2023.

***

Mining exploration expenditure in 2015 fell by K37 million to K323 million from K360 million in 2014, says the Mineral Resources Authority 2015 annual report.

***

Telikom PNG has taken control of EMTV’s parent company, Media Niugini Limited. The K20 million acquisition of MNL is part of a deal involving the purchase of FM-100. Fiji TV Limited had owned MNL for 10 years.

***

 The PNG government is expecting to save K17 million a year by moving out of rented offices into Waigani and Marea (now Sir Manasupe) House.

***

DataCo’s Une O’Ome.

PNG DataCo has completed the main fibre optic connection between all Highlands provinces and the Lae-Madang sector, as part of the National Transmission Network. DataCo General Manager—Commercial, Une O’Ome, says the next stage is to complete the link between Mendi and Hides, which will complete the fibre optic connection between Port Moresby and Lae and Madang.

***

Port Moresby’s sewerage system will be upgraded and expanded under K320 million project expected to start next month. The Japan International Cooperation Agency is funding the project, expected to be completed in July 2018, just before the APEC summit starts. A state-of-the-art sewerage treatment plant will be built at Joyce Bay, Kila Kila.

***

Water PNG has signed a contract with the Government to supply water and manage the sewage system at the Pacific Marine Industrial Zone in Madang.

***

A model Edai town house. Credit: Edai Town

Edai Town Development Director, Kym Yong, has presented keys to the first 10 occupants of the joint housing venture responsible for the construction of 10,000 homes around the new township at Boera village outside Port Moresby. The project is a joint venture between the developer JCKRTA group, the Government, Boera community and Bank South Pacific.

***

Crater Gold Mining has announced the discovery of further high-grade sampling results within its mining lease 510, 430m south of the high-grade zone gold project at Crater Mountain in the Eastern Highlands.

***

Highlands Pacific says the completion date of the Frieda River project feasibility study has been extended to March. An independent peer review will be conducted in April, which may lead to an application for a special mining lease by June 30.

***

Newcrest Mining says gold production at Lihir for the December quarter was 26% higher than the previous quarter.

***

The CEO of Air Vanuatu, Joseph Laloyer, says he is looking at mounting more international flights after Air New Zealand, Qantas and Virgin Australia suspended flights to Port Vila due to the condition of the runway.

 ***

And, finally, Microsoft has revealed that it is working to put data centres underwater. It says with about half of the world’s population living near large bodies of water and a shift to accessing software hosted in the internet cloud, submerged data centres could save money and speed up access to information. ‘Deepwater deployment offers ready access to cooling, renewable power sources, and a controlled environment,’ says Microsoft researcher Norm Whitaker.