Recently released results of some of Papua New Guinea’s major companies indicate that the economic downturn in 2015 put significant pressure on earnings. However, while energy companies suffered most, PNG’s finance sector proved resilient.
Steamships
Ok Tedi mine reopens after drought causes suspension, Kumul Petroleum renegotiates UBS loan for Oil Search shares and Steamships announces 11% profit increase. Your weekly digest of the latest business news.
Steamships’ Chairman retires, a new ANZ CEO for Cook Islands
A new Executive Vice-President and a new board member at InterOil, and Steamships appoints a new Non-Executive Director.
Motukea Island Port project expressions of interest called for, PM dismisses ‘secret deals’ with Rio Tinto, and Star Mountains project JV launches exploration campaign. Your weekly digest of the latest business news.
The next 12 months or so is a time to digest and consolidate, says Peter Langslow, the incoming head of one of Papua New Guinea’s largest and oldest companies, Steamships Trading Company. He told Business Advantage PNG, however, it is also a time to prepare for fresh opportunities.
Motukea Island a ‘suitable site’ for Port relocation, majority of Papua New Guinea SMEs in retail, and PNG first Pacific nation to join alliance. Your weekly digest of the latest business news.
Papua New Guinea’s potential as a market for ice cream will be put to the test when Laga Industries completes a significant expansion of its Gala manufacturing facilities in Lae later this year.
Joint venture elects Total as operator, PNG DataCo discusses Solomon Islands link, and WCB Resources lifts stake in gold project. Your weekly digest of the latest business news.
Air Niugini secures agreement with Air Vanuatu and Solomon Airlines, Cue Energy rejects takeover offer, and Steamships closes Highlands Highway operations. Your weekly digest of the latest business news.