Papua New Guinea News

Multi-billion dollar PNG-LNG project to be expanded 0

PNG LNG LogoSource: ABC Radio Australia

Exxon Mobil is moving to expand its $19 billion liquid natural gas plant in Papua New Guinea, even before the project has been completed.

The Port Moresby plant is the largest ever commercial development in PNG and is so big that each of its gas storage tanks are large enough to fit a Boeing 747 inside. More…

Multi-billion dollar PNG LNG project near completion 0

PNG LNG LogoSource: ABC Radio Australia

Exxon Mobil’s $US19 billion liquid natural gas project in Papua New Guinea is now 90 per cent complete and on track to deliver first gas in the second half of 2014.

The LNG project is the largest ever commercial development in PNG. More…

PNG loses billions to government corruption 0

papua_new_guinea_511aff41e3a9dSource: ABC.net

The head of the Papua New Guinea’s Anti-Corruption Taskforce says huge amounts of money have been lost through government corruption and mismanagement in the past six years.

Sam Koim says his office estimates that more than seven billion Kina have been siphoned off since 2007. More…

Queensland miner discovers world’s largest gas fields off PNG 0

Clive PalmerSource: Islands Business

A Queensland mining magnate Clive Palmer says he has discovered one of the world’s largest gas fields off Papua New Guinea.

He says his privately owned company, Palmer Petroleum, has found the offshore field in the Gulf of Papua, to the west of Port Moresby. More…

Billions lost due to weak mining policies 0

papua_new_guinea_5126cb2fbddd4Source: Solomon Time

Papua New Guinea has been losing billions of kina in mineral resources due to lack of strong policies and capacity to properly monitor and regulate the industry.

Enga Governor and host to the world class Porgera Gold Mine, Peter Ipatas in his keynote address to stakeholders during the Mineral Policy and Legislation Division’s regional consultation program in Mt Hagen yesterday said developers were exploiting the mineral sector without any good benefits going back to the country and its people. More…

In Gas We Trust: Will Papua New Guinea’s Resources Really Transform the Country? 0

To boost Papua New Guinea's economic development, the country needs to prudently manage its natural resources

To boost Papua New Guinea’s economic development, the country needs to prudently manage its natural resources

By John Enos

As one of the most isolated and remote countries on earth, Papua New Guinea (PNG) has caught the eye of investors due to its substantial natural resource wealth. PNG achieved an impressive 8% GDP growth in 2012 and 6.1% growth is projected this year, thanks to the mining sector. Growth is expected to slow to 4%, however, as Exxon-Mobil’s US $19 billion Papua New Guinea Liquefied Natural Gas (PNG LNG) project nears completion in 2014. Revenues flowing to both mining companies and the PNG government have been hit by sliding global commodity prices, highlighting why Papua New Guinea must diversify its economy to avoid the perils of its resource windfall. More…

In Gas We Trust: Will Papua New Guinea's Resources Really Transform the Country? 0

To boost Papua New Guinea's economic development, the country needs to prudently manage its natural resources

To boost Papua New Guinea’s economic development, the country needs to prudently manage its natural resources

By John Enos

As one of the most isolated and remote countries on earth, Papua New Guinea (PNG) has caught the eye of investors due to its substantial natural resource wealth. PNG achieved an impressive 8% GDP growth in 2012 and 6.1% growth is projected this year, thanks to the mining sector. Growth is expected to slow to 4%, however, as Exxon-Mobil’s US $19 billion Papua New Guinea Liquefied Natural Gas (PNG LNG) project nears completion in 2014. Revenues flowing to both mining companies and the PNG government have been hit by sliding global commodity prices, highlighting why Papua New Guinea must diversify its economy to avoid the perils of its resource windfall. More…

PNG PM woos NZ investors 0

papua-new-guinea-flagPapua New Guinea Prime Minister Peter O’Neill has urged New Zealand industries to invest in Papua New Guinea for its sound, secure, profitable and stable economic climate.

O’Neill said: “We are the right destination for your investment and for doing business. “I know I am biased, and proudly biased, when it comes to this, but I can assure you there has never been a better time to invest in Papua New Guinea, to trade with Papua New Guinea, and do business with Papua New Guinea.” More…

Petrochemical plant flagged 0

Prime Minister Peter O`Neill.

Prime Minister Peter O`Neill.

Reposted from PNG Industry News

A Japanese joint venture has met with Prime Minister Peter O’Neill to discuss the prospect of developing a $US1 billion petrochemical plant in Papua New Guinea that may help reduce domestic fuel costs.

Executives from Mitsubishi Gas Chemical Company and Itochu Corporation met the PM and his Trade, Commerce and Industry Minister Richard Maru on Friday to discuss the idea, according to The National. More…

PNG’s Prime Minister calls for talks with Newcrest Mining 0

The processing plant of the Lihir mine in PNG.

The processing plant of the Lihir mine in PNG.

Reposted from Radio Australia
By Jemima Garrett

Papua New Guinea’s Prime Minister has called for talks with Newcrest Mining as fallout from the company’s asset writedown continues.

The company last week announced a $6 billion reduction in the value of its assets with around half of the writedown coming from Newcrest’s PNG operations.

Prime minister Peter O’Neill has expressed concern at the problems facing Newcrest and the implications for the PNG economy and the resources sector. More…

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