PNG LNG project satisfies financial agreements, PNG Ports profits double, and PM urges PNG business to increase productivity. Your weekly digest of the latest business news.

The PNG LNG project has achieved ‘financial completion’ by satisfying all of the tests set forth in the venture’s financial agreements, according to operator, ExxonMobil.

Meanwhile, ExxonMobil PNG Managing Director Andrew Barry has told Business Advantage PNG he is confident about the gas sector’s future, despite lower global gas prices.

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PNG Ports Corp has doubled its profit after tax in the past year to K51 million off the back of increased efficiency and strict control measures at the ports, according to Chairman Nathaniel Poya.

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PNG Prime Minister, Peter O’Neill

Following Standard and Poor’s forecast that PNG will achieve growth levels of 20% in 2015, Prime Minister Peter O’Neill has urged non-resources sectors, including agriculture, fisheries and tourism, to work on improving their productivity to benefit the broader economy.

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Australia’s Indochine Mining Ltd, which is developing the Mt Kare gold project in the highlands of PNG, has completed a A$500,000 raising which it says will be used for working capital.

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Kula Gold Ltd says it has confirmed the continuation of ‘significant surface gold mineralisation’ at its Watou prospect, which forms part of the Woodlark Island project, during recent exploration at the prospect.

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PNG’s Mineral Resource Authority remains ‘committed and ready to work’ with a project developer to advance the Frieda River gold-copper project in West Sepik Province.

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Anglo American plc and Highlands Pacific Ltd have executed their joint venture and farm-in agreements for the Star Mountains copper-gold project in Papua New Guinea. The arrangements were originally proposed in December 2014.

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Police Minister Robert Atiyafa says laws governing police operations in Papua New Guinea will be reviewed and modified in a bid to make the constabulary more effective and professional.

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Coppermoly Ltd is preparing a ‘detailed exploration plan’ for the coming year during the March 2015 quarter which will respond to current market conditions and the company’s funding position.

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Planting oil palms at Ramu. © NBPOL

Sime Darby Plantation has shortened its offer period for the cash takeover of New Britain Palm Oil Ltd from 149 days to 124 days, with it now due to close on 23 February.

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Landowners in the Stanley gas and condensate project area in Western Province have been assured by Petroleum and Energy Minister Nixon Duban that they will receive their business development grants.

Meanwhile, partners in the project are reviewing the development scope of the prospect due to falling oil prices, according to Talisman Energy Vice-President Grant Christie.

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The East New Britain government has declared a state of emergency at the Sinivit gold mine due to detoxicate cyanide contamination.

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The PNG Government expects all commodities boards and agencies in the country’s agriculture sector to implement the functional expenditure review (FER) for industry reform.

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Bank of South Pacific (BSP) has closed eight rural branches over the past 12 months due to break and enters. The latest branch to close, due to a break and enter incident, was the Walium centre in Madang Province.

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PNG’s Coffee Industry Corporation (CIC) is planning to work with co-operatives in the country to help revive the troubled industry.

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And finally … Samsung Smart TV owners have been warned to be careful about what they say around their television after fears emerged that the voice recognition feature may have the ability to record and transmit information to a third party.