In brief: Foreign exchange reserves to be about US$2 billion by year’s end, and other business stories

Rise in foreign exchange reserves expected, K1.3 billion required annually for road maintenance work, and Ramu nickel project to have 35 year life. Your weekly digest of the latest business news. 

Policy flexibility needed for maturing mining industry says Nautilus Minerals CEO

Mineral deposits are becoming increasingly difficult to develop and the mining industry is looking to the Papua New Guinean Government to deliver flexible policies that will benefit a maturing industry, Nautilus Minerals Chief Executive Officer, Mike Johnston tells Business Advantage PNG.

‘Roller coaster ride’ is forcing gas players to aggressively pursue efficiencies says President of PNG Chamber of Mines and Petroleum, Gerea Aopi

Large scale gas projects suit multi-operators, says Gerea Aopi, President of the PNG Chamber of Mines and Petroleum. He tells Business Advantage PNG that this allows operators in Papua New Guinea to spread the fixed costs, which is one way that the industry is looking for productivity improvements.

In brief: InterOil sale may raise competition issues and other business stories

Competition Commission concerned about possible monopoly in gas sector, O’Neill to issue statement on government shareholding in BCL and ANZ Bank CEO says there may be a need for a Supplementary Budget. Your weekly digest of the latest business news.

Papua New Guinea’s economy under pressure but fighting back

Global and domestic factors have combined to slow Papua New Guinea’s economy. However, as Andrew Wilkins discovers, the Pacific nation’s business leaders are still confident about its future prospects.

In brief: Asian Development Bank downgrades Papua New Guinea’s growth outlook, and other business stories

Papua New Guinea’s growth forecast downgraded by Asian Development Bank, Bank of PNG says growth this year will partly be driven by non-mineral sector activity, plus claims PNG’s global corruption rating will depend on government commitment to accountability. Your weekly digest of the latest business news.

In brief: LNG overtakes gold as top export and other Papua New Guinea news

LNG overtakes gold as PNG’s top export, number of female executive appointments in PNG public service low and Bank of South Pacific reports profit rise. Your weekly digest of the latest business news.

Resources sector needs legislation that will position it for the future: Chamber

Papua New Guinea’s approach to mining and resources legislation, currently under review, will be critical to positioning the country for the next upswing in prices, claims Greg Anderson, executive director of the PNG Chamber of Mines and Petroleum.

In brief: Agriculture Minister says Papua New Guinea must reinvest in sector, and other business stories

Agriculture Minister says annual investment in agriculture is just K150 million a year, call for mining sector style tax incentives for agriculture, and Leaders’ summit critically important, says O’Neill. Your weekly digest of the latest business news.

In brief: Treasurer says Papua New Guinea government showing responsible fiscal management, and other business stories

Treasurer Patrick Pruaitch denies Budget blowout, Kumul Petroleum to evaluate methanol plant and small rise in inbound tourism. Your weekly digest of the latest business news.