Papua New Guinea is sitting on a world-class wind power resource that could see it exporting power to the region in a relatively short space of time.
Industry sectors
It is back to the drawing board for Kina Bank and Westpac, as Papua New Guinea’s Independent Consumer and Competition Commission has issued a ‘final determination’ declining authorisation of Kina’s proposed acquisition of Westpac Papua New Guinea.
Oil and gas companies Oil Search and Santos have completed a merger agreement set to create a company with ‘a pro-forma market capitalisation’ of approximately A$21 billion (K54 billion). Regulatory and shareholder approvals will ultimately decide the deal’s fate, however.
Awarding the Pandora gas field license to Papua New Guinea’s oil & gas national company spells potential significant changes to the way licenses are granted in the country.
A new opportunity has emerged for private and public organisations in Papua New Guinea and the Pacific seeking funds to develop new projects to mitigate climate change.
Kina Bank has reported a 36% increase in net profit for the first half of 2021, compared to the corresponding period last year. The results suggest the bank is successfully weathering the impact COVID-19 pandemic.
Why is Fortescue Metals Group, which makes most of its income from iron ore sales, looking at renewable energy projects in Papua New Guinea and other parts of the world?
Earlier this month, Papua New Guinea’s government announced a ‘deed of agreement’ with Australian iron ore giant, Fortescue Metals Group, to develop renewable energy projects in PNG. Business Advantage PNG learns more about its plans from Julie Shuttleworth, CEO of subsidiary Fortescue Future Industries.
After the stalling of previous talks, ExxonMobil and the Papua New Guinea government have announced negotiations are recommencing for the P’nyang gas project.
Papua New Guinea is getting ready to showcase some of its sweetest produce in the 2020 World Expo.