China wants extra loan to fund PMIZ, unions concerned about housing tax on employees, Bank PNG questions accuracy of IMF economic report. Your weekly digest of the latest business news.
PNG LNG
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.
Papua New Guinea ready to seek sovereign bond funds, Air Niugini affected by economic slowdown, Qantas begins daily Brisbane-Port Moresby service. Your weekly digest of the latest business news.
In brief: BSP in joint venture with Kumul to expand insurance subsidiary, and other business stories
A new insurance joint venture, an ultimatum on corned beef trade ban, plans to limit rice imports. Your weekly digest of the latest business news.
Officials sent to negotiate with Hides landowners over non-payment of royalties from PNG LNG project, Ok Tedi earns K623 million since March, and PNG Post pays K500,000 in dividends. Your weekly digest of the latest business news.
Oil Search, Papua New Guinea’s biggest company and largest non-government employer, looks set to consolidate its position as a major player in the Asia Pacific oil and gas market with its $US2.2 billion purchase of InterOil. Chief Executive of Oil Search, Peter Botten, says it will allow the company to be ‘hugely influential in the further development of our world class PNG LNG and Papua LNG assets.’
Government tells Chinese company to start building Madang’s Pacific Marine Industrial Zone, new Tourism Minister unimpressed with Tourism Promotion Authority and second LNG ship is named Kumul. Your weekly digest of the latest business news.
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.
Papua New Guinea’s transformational PNG LNG project has been exporting gas to Asian markets since 2014. But what’s next for the project and its developer, ExxonMobil? Business Advantage PNG speaks with Andrew Barry, the Managing Director of ExxonMobil PNG Limited, to find out.
Declining oil prices have prompted a review of Oil Search’s activities, even as production hit record levels in 2015. Nevertheless, Papua New Guinea’s largest company says it is generating positive cash-flows and will be making a priority of future investment in the PNG LNG and Papua LNG gas projects.