In this edition of Business PNG, we take a look at the 32nd Australia Papua New Guinea Business Forum.
Delegates from both countries attended the annual event to strengthen bilateral ties and to discuss investment opportunities in both countries.
We assess critiques done domestically and abroad on the performance of the PNG economy, and how the GoPNG and the Central Bank has been handling the current situation.
The lack of foreign reserves and trading ban has forced various business houses to lay off workers, further increasing the pressure on the government to fix the lack of currency in the central bank.
Lastly we take a look at a deal that may create Papua New Guinea’s very own ‘Oil & Gas Giant’, Oil Search’s proposed acquisition to acquire 100% of Interoil worth approximately K7.5 billion. In addition to that, the MOU between Oil Search and Total for the sale of 60% of Interoil’s stake in petroleum retention license, as well as 62% of Interoil’s exploration assets to Total.
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