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PNG15 Contentss:Layout 1 CONTENTS PAPUA NEW GUINEA 2015 47 Viewpoint: Shinzo Abe, Prime Minister of Japan ISBN 978-1-910068-36-6 48 Interview: James Lau, Managing Director, Editor-in-Chief: Andrew Jeffreys Rimbunan Hijau (PNG) Group 49 Budgeting down: Concerns over whether the Managing Editor, Asia: Paulius Kuncinas Editorial Manager: Marco Venditti 2015 budget reflects the state of the economy 51 Interview: Ben Micah, Minister for Public Group Managing Editor: Alistair Taylor Chief Sub-Editor: Barbara Isenberg Enterprises & State Investments Deputy Chief Sub-Editors: Martin 52 Interview: Frederick Reiher, Chairman, Air Stegman, Laura Nelson Web Editor: Lorraine Turner Niugini Senior Sub-Editor: Jennie Patterson 53 Final tweaks: Sovereign wealth fund legislation Sub-Editors: Usman Ahmedani, Abraham Armstrong, Danya Chudacoff, set to be implemented by mid-2015 Sean Cox, Karla Green, Sam Inglis, Krystell Jimenez, Jamie Leptien Contributing Sub-editor: Miia BANKING Bogdanoff 56 In the palms of their hands: Tech solutions Many variables Analysts: Richard Meyer, Paige Aarhus, extend banking services to remote areas Joe Wilcox, Greg Harris, Jon Gorvett, Page 34 62 Getting on board: Financial inclusiveness is a Stefanie Durbin key governmental goal Senior Editorial Researcher: Susan ğ With the ramping up of the PNG LNG project, 63 Interview: Loi Bakani, Governor, Bank of Papua Mano lu the contribution of the resources sector will rise Editorial Researchers: Sara Costa, Billy New Guinea (BPNG) Fitzherbert, Souhir Mzali, Jenna from 12% to 22% of GDP over the span of a year. 64 Interview: Robin Fleming, CEO, Bank South Oelschlegel, Teresa Meoni Falling LNG prices, however, will affect returns Pacific Creative Director: Yonca Ergin in the near term. PNG is a resources-depend- 65 Digging up value: Banks use new methods to Art Editor: Meltem Muzmuz ent economy and is set to become more so Graphic Assistants: Gülhan Atbaş, Arzu attract depositors Çimen over time, but the development of other sec- Illustrations: Shi-Ji Liang tors is also key. The non-resources sector is Photography Editor: Mourad CAPITAL MARKETS Hammami expected to grow by 4% in both 2015 and 2016. 68 Making the market: Expected reforms will Additional Photography: ExxonMobil, Horizon Oil, PanAust, Nautilus Minerals restructure the exchange and bring more competition Production Manager: Selin Bolu SNAPSHOT 71 Interview: Richard Borysiewicz, General Operations & Administration Manager: 6 Papua New Guinea in figures Manager, BSP Capital Burçin Ilgaz Logistics & Distribution Coordinator: 72 Viewpoint: Syd Yates, CEO, Kina Securities, Esra Sezgin COUNTRY PROFILE 73 In evolution: Developing the nation’s debt Logistics Executive: Öznur Usta 10 Land of diversity: Cultural richness and forward markets thinking point to a bright future 13 Papua’s got a brand new bag: Gas project is set Stocks & bonds: Share analysis & data provided to dramatically boost GDP and the economy by BSP Capital 16 Interview: Prime Minister Peter O’Neill 75 Highlands Pacific: Mining TRADE & INVESTMENT 76 InterOil: Oil and gas 20 Building momentum: There is cause for 77 Newcrest Mining: Mining optimism despite persistent bottlenecks 78 NGIP Agmark: Agro-industry 25 Viewpoint: Xi Jinping, President of China 79 Bank South Pacific: Finance 26 Interview: Josaia Voreqe Bainimarama, Prime 80 Oil Search: Oil and gas Minister of Fiji 27 All change: New developments could draw more INSURANCE international investors 82 Low base, high potential: Efforts under way to 29 Interview: Miguel Arias Cañete, EU extend insurance to the general populace Commissioner for Climate Action and Energy 87 Risky business: Covering the nation poses 30 Interview: Ivan Pomaleu, Managing Director, challenges for international players Investment Promotion Authority (IPA) 89 Future promise: Moving past cultural barriers to 31 National service: Concerns over protectionism focus on niche markets have been stoked by recent legislation 91 Interview: Philip Tolley, Managing Director, Capital Insurance ECONOMY 34 Many variables: The government is looking to ENERGY stimulate growth, despite the challenges ahead 95 Ready for the next step: Ongoing exploration 43 Interview: James Marape, Minister of Finance and development projects are revealing 44 Interview: Wapu Sonk, Managing Director, numerous opportunities National Petroleum Company 100 Interview: Grant Christie, Vice-President and 45 Adjusting to reality: A major LNG project is Country Manager, Talisman Energy, Repsol expected to significantly impact the economy Group 4 CONTENTS PAPUA NEW GUINEA 2015 Chairman: Michael Benson-Colpi 132 Interview: Bhanu Sud, CEO, EMTV 133 Driving convergence: Telecoms operators Director of Field Operations: Elizabeth Boissevain compete to deliver television content 134 Interview: Reuben Kautu, Chairman, Dataco Managing Directors, Asia: Laura Herrero, Anne Delarue 135 Help from above: Satellite technology creating Country Director: Majo Rosa solutions to logistical challenge Field Operations Executive: Meltem Okur TRANSPORT Field Operations Assistant: Arda Özgen 139 Navigating their way: Sector players are well Project Coordinators: Ambane adapted to a varied geography Meregembo, Mayerie Ajokpaezi 144 Interview: Greyling Park, CEO, Post PNG For all editorial and advertising 145 Full steam ahead: The maritime segment is key enquiries please contact us at: [email protected]. to the nation’s future growth To order a copy of this publication 147 Driving demand: Extractive industries continue or to enquire about your subscription please contact us at: to generate growth in other areas [email protected]. Weathering the 149 Getting off the ground: International events are All rights reserved. No part of this storm spurring airport expansion publication may be reproduced, stored 151 Maximising trade potential: Expanding in a retrieval system or transmitted in any form by any means, without the Page 114 transport projects to facilitate the flow of prior written permission of Oxford goods Business Group. Long a mainstay of the economy, the mining Whilst every effort has been made to sector has not been immune to global econom- INDUSTRY ensure the accuracy of the informa- ic turbulence, but while revenues from new liq- tion contained in this book, the 154 Clearing the obstacles: The production base is authors and publisher accept no uefied natural gas shipments may not be as moving up the value chain, provided ongoing responsibility for any errors it may much as initially hoped, they should some- contain, or for any loss, financial or reforms continue to bear fruit otherwise, sustained by any person what offset declines in mineral exports that 158 Viewpoint: Somu Bhattacharya, General using this publication. have hit copper producers particularly hard. Manager, Coca-Cola Amatil Updates for the 159 Seeds of success: The fertile climate and information provided in this volume can be found in Oxford 101 z Proof of concept: The LNG project appears to agricultural programmes point to growth Business Group's 'Economic Updates' be only the beginning 161 Interview: Michael Kingston, CEO, KK Kingston service available via email or at www.oxfordbusinessgroup.com 103 Interview: Philippe Blanchard, Managing 162 A helping hand: New legislation aims to Director, Total PNG overhaul SME culture 104 Interview: Brent Emmett, CEO, Horizon Oil 105 Keeping the lights on: New measures and CONSTRUCTION & REAL ESTATE investments to expand electrification 164 A new direction: State spending to drive growth 107 Interview: Lesieli Taviri, General Manager, Origin as sector looks for new revenue sources Energy 168 Interview: Marcelo Minc, Country Director, Asian 108 Continuing the search: Exploration, production Development Bank’s (ADB) Papua New Guinea and development are far from over Resident Mission 111 The green and the blue: Renewable energy’s 169 Game on: Preparations for the 2015 Pacific already big contribution is set to expand Games created plenty of work for contractors 170 Making space: Affordable housing schemes and MINING the commercial and industrial segments are 114 Weathering the storm: Regulatory efforts to offering new opportunities for investment improve sector efficiency and transparency 174 Up and away: Capital inflows and urbanisation 118 Pushing the limits: New technology is being are driving up rental rates developed for underwater mine 175 Interview: Andrew Potter, General Manager, 119 Interview: Greg Anderson, Executive Director, Pacific Palms Property PNG Chamber of Mines and Petroleum 176 A place to call home: Government efforts under 120 Interview: Fred Hess, Managing Director, way to build affordable housing PanAust 121 Soldiering on: Vast untapped mineral deposits AGRICULTURE continue to draw investors 180 On the upswing: Provided that development projects are rolled out successfully, the sector is ICT on course to expand in the years ahead 124 Packing a punch: Increased regulation is helping 184 Sweet tooth: A revival of global cocoa improve performance metrics commodity prices has been a boon for local 129 Price perspectives: Mobile broadband is growers’ efforts to increase exports jumping ahead of fixed-line services 185 Interview: Pedro Celso, CEO, RD Tuna 131 Interview: Jimmy Miringtoro, Minister for 186 Interview: John Nightingale, Managing Director, Communication and Information Technology Agmark www.oxfordbusinessgroup.com/country/papua-new-guinea CONTENTS PAPUA NEW GUINEA 2015 5 187 Favourable conditions: Palm oil production is continuing to expand
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