The national government prepares to buy Motukea Port from Curtain Bros., exports of LNG could double in five years and fuel prices fall. Your weekly digest of the latest business news.

Papua New Guinea is set to become a major regional trans-shipment hub for trade in the Asia-Pacific region, says Public Enterprises and State Investment Minister Ben Micah, adding cabinet had approved the relocation of Port Moresby wharf to Motukea and there was funding arrangements for the state to purchase Motukea Port from Curtain Brothers.

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The Japanese government may double natural gas imports from PNG over the next five years, as Japan’s major gas import route currently passes through the South China Sea, where territorial disputes are intensifying among neighbouring countries.

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The Independent Consumer and Competition Commission says the price of petrol, diesel and kerosene has fallen, after the Bank of Papua New Guinea’s intervention on the exchange rate last month.

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Mining Minister, Byron Chan

Mining minister Byron Chan says the Nautilus seabed mining project could pump K300 million kina (US$ 124 million)  into the country’s economy.

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The Asian Development Bank (ADB) will invest US$228 million (K619 million) in energy projects in the Pacific in next three years. ADB spokesman Mike Trantor says US$67.9 million will be allocated to the Port Moresby grid development, due for completion in 2017.

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The Australian Federal Court has confirmed a A$1.2 million fine on Newcrest Mining, as recommended by Newcrest and the Australian Securities and Investments Commission, for two breaches of continuous disclosure rules under Australia’s Corporations Act.

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The national government has granted a mining licence Woodlark Mining (PNG) Limited, operator of the Woodlark Island Gold Project, located approximately 250 kilometres east of Alotau, on the east coast of the Papua New Guinea mainland, in Milne Bay Province. The company estimates the site holds 2.1 million ounces of gold.

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Sugar producer Ramu Agri Industries (RAIL) has begun its first export of ethanol. RAIL, a subsidiary of New Britain Palm Oil, made its first shipment of PNG ethanol to the Korean, Malaysian, Philippines and New Zealand markets. A company spokesman says two million litres of ethanol left Lae for Korea.

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Digicel PNG will launch its first television station in November. Director of Government Relations Garry Seddon says the new TV station will be both free to air and prepaid. Digicel PNG will spend K1.8 billion in building a total of 360 towers around the country next year.

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Japanese Prime Minister, Shinzo Abe

Japanese prime minister Shinzo Abe has signed a free trade deal with Australia. He will be in PNG this Friday.

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Indonesia’s presidential election is expected to be close. A poll by the Indonesian Survey Institute shows there is just 3.6 per cent separating the candidates, Joko “Jokowi” Widodo and Prabowo Subianto. It could be a month before the final result is known.