PM insists Papua New Guinea economy strong despite critics

The Prime Minister Peter O’Neill has criticised external commentators for ‘bias’ when assessing the PNG economy. Speaking at the 34th Australia Papua New Guinea Business Forum in Brisbane, he expressed optimism about the proposed Papua LNG project but said the economy has to be diversified to avoid boom and bust cycles.

In brief: Gas from PNG LNG plant to feed the Port Moresby grid in early 2019, and other business stories

New Port Moresby power plant to be online during early 2019, US equity firm bids A$13.5 billion for Santos, and PNG Post keen to diversify. Your weekly digest of the latest business news.

Government incentives for second Papua New Guinea gas project should be fewer than for PNG LNG, say analysts

The operators of the Papua project are expected to make a financial investment decision on the project in 2019. But now that Papua New Guinea has ‘proven itself’ as a good manager of major global projects, it should be able to negotiate less generous terms with the operators of the second LNG plant, say economists and investment analysts.

O’Neill tells Papua New Guinea resources sector there will be no new taxes

Papua New Guinea’s Prime Minister, Peter O’Neill, told the PNG Mining and Petroleum Conference yesterday that there would be no new taxes for the resources sector. Meanwhile, presentations by the major industry players suggest the next 12 months will be critical in determining the future growth of the sector.

In brief: Design of floating LNG plan underway, and other business stories

Kumul Petroleum signs MOU for design of floating LNG plant,  K64 million tourism support for Milne Bay and ENB provinces, and BSP reports K185 million Q3 profit. Your weekly digest of the latest business news.

PM O’Neill calls for greater intervention to strengthen Papua New Guinea industry

The Prime Minister Peter O’Neill has outlined a plan of greater government involvement in Papua New Guinea’s industrial development. In a speech to the Australia Papua New Guinea Business Forum & Trade Expo in Port Moresby O’Neill described the need both to broaden the industry base and to move some industries up the value chain.

In brief: Chinese companies win bid to build Ramu 2 power project, and other business stories

Two Chinese companies to build Ramu 2 power project, 95 per cent of logs sent to China, and Lae business leaders welcome ADB loan for key roads. Your weekly digest of the latest business news.

Papua New Guinea has enough gas for five trains, says Kumul Petroleum MD

Papua New Guinea’s state petroleum company, Kumul Petroleum, sees its role in developing oil and gas projects in partnership with developers, according to Managing Director, Wapu Sonk. He tells Business Advantage PNG there is enough gas in the country for no less than five LNG trains.

What’s on the agenda for Papua New Guinea business in 2017?

As Papua New Guinea business gets back to work, Business Advantage PNG looks at some of the issues coming up in 2017. It looks likely to be a year of preparing for better times.

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.