The week’s business news in summary. In Brief is sourced from a variety of Papua New Guinea and international media outlets as a service to our readers. Business Advantage PNG makes no claim for the veracity of third party sources.
Prime Minister James Marape has made a pledge to raise Papua New Guinea’s cash revenue to K15 billion over the next two years, Kumul Consolidated Holdings falls K400 million short from what was budgeted for 2019, and a reconciliation ceremony is proposed between the National Government and the Autonomous Region of Bougainville.
Changes to the Oil and Gas Act, Prime Minister James Marape has announced that he wants to get the Wafi-Golpu gold mine ‘operational at the soonest’, and opposition leader Patrick Pruaitch has presented a case to challenge Marape’s election as prime minister. Your weekly digest of business news.
Twinza Oil (PNG) to progress Pasca LNG project, Papua New Guinea’s Prime Minister has said that a Supplementary Budget may be announced within the next few weeks, and the Coral Sea Cable project is nearing completion. Your weekly digest of business news.
Newcrest unveils its 2019 results and comments on Wafi-Golpu, Kingston Resources to increase exploration at Misima and the Investment Promotion Authority revisits K1,000 penalty. Your business digest of business news.
Operations at Porgera mine will continue while the application for the Special Mining Lease is revised, concerns about the delay in the approval of the Ramu 2 project, and Wafi-Golpu still before court. Your weekly digest of business news.
Papua New Guinea’s Minister for Petroleum suggests there could be changes to the Papua LNG agreement, Prime Minister James Marape visit to Australia and Air Niugini to put a fleet replacement plan in place. Your weekly digest of business news.
Oil Search has cut its 2019 capital spending budget, delays in the Wafi-Golpu project has lead to job loss, and Bank South Pacific reports liquidity in Papua New Guinea’s banking sector has decreased. Your weekly digest of business news.
Papua New Guinea’s stock exchange changes its name, Oil Search signs MoU to help sustainable agriculture, and PNG Power reviews financial reporting. Your weekly digest of business news.
Kumul Telikom Holdings has slashed internet rates, Kumul Petroleum Holdings has been asked to report on its earnings since 2014, and a cable laying ship has arrived in Port Moresby to work on the Coral Sea Cable system. Your weekly digest of business news.
Prime Minister Marape pledges to stimulate the growth of the MSME sector, K2 billion budget shortfall, and Eda Ranu regains control the Mt Eriama sewage and water treatment plant. Your weekly digest of business news.