Banks vie to renew government’s loan for shares in Oil Search, structural faults in Phase One of new Lae port, OK Tedi to resume operations next month. Your weekly roundup of the latest business news.

Six banks are reportedly pitching to refinance the loan underpinning the PNG government’s 10% stake in Oil Search. The A$1.2 billion (K3 billion) loan is due for renewal at the end of February. It is currently with UBS, but reports say JP Morgan may be one of two banks the loan is renewed with. The PNG government bought the shares at A$8.20 each. Their value on 8 February, 2016, was A$6.90.

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Structural faults in Phase 1 of the Lae Tidal Basin Project have prevented the K809 million facility from being fully utilised since construction was completed in late 2014, according to The National. It also reports China Harbour Engineering Co Ltd (CHEC), which was the contractor for Phase 1 of the project, is likely to be awarded the Phase 2 contract, although it is yet to fix the faults.

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Ok Tedi Mining Limited (OTML) plans a progressive restart of operations from 1 March 2016, after suspending operations in August 2015 due to dry weather conditions. In its last full year of operations, OTML reported that it paid K356.8 million in tax, on exports of K2.2 billion, worth 15% of PNG’s total exports.

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The Forum Fisheries Agency says a series of meetings in Fiji this week will attempt to find solutions for Pacific nations reeling from the withdrawal of US-based boats from their tuna fisheries. Dr Transform Aqorau, CEO of the Parties to the Nauru Agreement, said the recent collapse of the nearly 30-year-old treaty with the US government and its tuna industry opens ‘a huge opportunity for PNA to re-assert control over the fishery’.

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PNG Air Services Ltd has signed a K55 million contract to replace the existing radar service and radio facilities at Lae’s Nadzab Airport.

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Highlands Pacific Ltd says production at the Ramu nickel project is expected to grow strongly this year and exceed 29,000 tonnes of nickel.

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The PNG Election Commissioner has announced tentative dates for the 2017 national election. Patilias Gamato has proposed polling would commence on 24 June, and finish on 8 July.

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The French government has agreed to help New Caledonia’s nickel sector, which has been hit by a sharp drop in the price of nickel. The undertaking was made in Paris at a meeting of the signatories of the Noumea Accord as they were preparing a referendum on possible independence for New Caledonia by 2018. The French prime minister, Manuel Valls, said the state would guarantee that the SLN plant in Noumea could continue to operate as producers in the territory recorded losses last year amounting to about US$1 billion.

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Solomon Islands is to welcome eight separate cruise visits this year, a 100%  increase on its 2015 cruise schedule.