A new agriculture strategy in Papua New Guinea aims to broaden the country’s primary production base and cut import costs to maintain sustainability in the sector. Last year PNG’s agriculture sector accounted for 17% of GDP, as well as 16% of the country’s exports, according to data from the Bank of PNG, the central bank, despite the negative effects of low commodity prices, as well as crop…
An economic boom driven by a $19bn natural gas project was followed by a sharp slowdown as global energy prices fell, putting pressure on the government to spread more equitable development in this resource-rich country. Energy: Revving Up - Natural gas production soared following the launch of the ExxonMobil-led PNG LNG project, adding a vital new revenue stream despite low energy prices. Mining:…
Government authorities are rolling out a number of new initiatives in PNG’s tourism sector to foster growth in the non-extractive industries. To this end, in August Tobias Kulang, the minister of arts, culture and tourism,announced the Tourism Zone Development Initiative– which is intended to support and fund infrastructure and facilities todevelopselect provinces into…
This chapter contains hotel listings for business and leisure travellers, useful contact details for embassies and ministries, and practical information for first-time visitors.…
Weaker commodity prices and lower government revenues have prompted Papua New Guinea’s current administration to revise its growth forecast and release a supplementary budget in late August. Tabled by Patrick Pruaitch, minister for Treasury, on August 25, the supplementary budget sought to curb state spending while also reinforcing revenue streams in order to narrow the burgeoning state deficit. Slowdowns…
In terms of investment, Papua New Guinea’s geographic location, geopolitical importance and abundance of commodities, as well as the success of the PNG Liquefied Natural Gas project, have helped it become a favoured destination for Chinese and Japanese ventures, with expectations of further foreign direct investment (FDI) going forward, particularly in the primary sector. However, PNG remains a
The Company City Pharmacy Limited (CPL) Group is a leading retailer in PNG and has a combined retail operation of 64 stores nationwide. It employs 3700 people, of which 97% are Papua New Guinean citizens. CPL’s retail network spans health and beauty chains, supermarkets, hardware stores, coffee shops, a multiplex cinema, a clothing company and duty-free shops. Established in 1986, CPL started…
The Company Oil Search (OSH) has been incorporated in Papua New Guinea since 1929 and has a market capitalisation of PGK28bn ($9.6bn). OSH has a 29% interest in the PNG Liquefied Natural Gas (LNG) project, which is operated by ExxonMobil PNG. The PNG LNG project has a capacity of 6.9m tonnes per annum (tpa) that came on-stream in 2014. This project has transformed OSH into a significant oil…
The Company Newcrest Mining (NCM) is an Australian-based company engaging in the exploration, development, mining and sale of gold and gold-copper concentrate. NCM emerged from the merger of Newmont Australia and BHP Gold in 1990. Newcrest has been listed on the Australian Securities Exchange since 1987 (initially as Newmont Australia). Newcrest also listed on the Port Moresby Stock Exchange…
