Prime Minister Peter O`Neill.
A Japanese joint venture has met with Prime Minister Peter O’Neill to discuss the prospect of developing a $US1 billion petrochemical plant in Papua New Guinea that may help reduce domestic fuel costs.
Executives from Mitsubishi Gas Chemical Company and Itochu Corporation met the PM and his Trade, Commerce and Industry Minister Richard Maru on Friday to discuss the idea, according to The National. More…
The processing plant of the Lihir mine in PNG.
Papua New Guinea’s Prime Minister has called for talks with Newcrest Mining as fallout from the company’s asset writedown continues.
The company last week announced a $6 billion reduction in the value of its assets with around half of the writedown coming from Newcrest’s PNG operations.
Prime minister Peter O’Neill has expressed concern at the problems facing Newcrest and the implications for the PNG economy and the resources sector. More…
Minister Duma said the hydrocarbons to be produced from the Stanley gas field will add to PNG’s energy independence.
Horizon Oil and Osaka Gas will develop Papua New Guinea’s third liquefied natural gas (LNG) in Western province, Petroleum and Energy Minister William Duma announced yesterday.
The third LNG project comes at the back of the PNG LNG project now under development in Hela and Central Provinces, and the Elk/Antelope project in the Gulf province. More…
Reposted from Islands Business
PORT MORESBY, PNG — The slow economic growth last year has led Pacific countries including Papua New Guinea to create new economic policies that promote sustainable development.
A report on Economic and Social Survey of Asia and the Pacific (ESCAP) 2013 calls for a shift by governments to secure a productive future by developing and enhancing new policies. More…
Port Moresby town in Papua New Guinea. The country’s National Development Bank managing director Moses Liu says small business markets were vital for the economy.
ONLY about 10 per cent of small-to-medium enterprises (SMEs) in Papua New Guinea are owned by locals, National Development Bank (NDB) managing director Moses Liu says.
He told participants at the PNG business and information expo in Port Moresby the country’s SME sector needed to grow.
More emphasis was placed on the small business market, which is a vital sector in all countries, Liu said.
He said 70 per cent of the world economy was controlled by SMEs, which is the engine room of the developed world. More…
Rio Tinto’s Panguna mine was once the PNG Government’s major source of revenue
Reposted from Radio Australia
By Jemima Garrett
Formal talks are being held today on the reopening of the Rio Tinto-owned copper mine on Papua New Guinea’s island of Bougainville.
It is the first time landowners will be formally consulted about the mine’s future.
Rio Tinto’s Panguna copper mine was the spark that lit the civil war but now it is being touted as the island’s best chance for development.
More…
Reposted from Bloomberg Businessweek
By James Paton
The fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search Ltd. (OSH) in line for another record — Asia’s largest energy takeover.
The company’s liquefied natural gas venture with Exxon Mobil Corp. (XOM) — called PNG LNG — starts shipments to Asia next year. The project will help Port Moresby-based Oil Search increase revenue by 234 percent through 2015, outpacing every other oil and gas explorer with a market value of more than $10 billion, analysts’ estimates compiled by Bloomberg show. While it’s pushed Oil Search’s shares to a record in Sydney, the stock still isn’t reflecting the potential for the project’s likely expansion, said Commonwealth Bank of Australia. More…
Melanesian Spearhead Group trade ministers met for talks in Fiji on May 20, 2013
Reposted from ABC News
By Samisoni Pareti
Officials from Papua New Guinea say they are considering withdrawing from free trade negotiations between Pacific Island countries and Australia and New Zealand.
PNG’s Trade Minister, Richard Maru, on Monday told a meeting of trade ministers from the Melanesian Spearhead Group that his country was considering withdrawing from Pacific Agreement on Closer Economic Relations (PACER) negotiations. More…
Reposted from Proactive Investors
By Bevis Yeo
Oil Search (ASX: OSH) has intersected oil and gas at its exploration wells in Iraq and Papua New Guinea respectively.
In the Kurdistan Region of Iraq, wireline logs obtained over the company’s Taza-1ST2 well confirmed the presence of oil throughout the Euphrates Formation limestones.
More…
Qld Premier Campbell Newman and PNG Prime Minister Peter O’Neil
Reposted from ABC News
By Malinda Howells
Queensland Premier Campbell Newman says he has discussed health, policing and business opportunities during a two-day trade trip to Papua New Guinea (PNG).
Mr Newman has signed a memorandum of understanding with PNG Prime Minister Peter O’Neill.
The two leaders have agreed there will be face-to-face talks between Queensland and PNG every six months.
More…
