#interoil

In brief: Foreign currency issues continue to cause problems, and other business stories #PNG

Foreign currency issues continue to cause problems, profit announcements for Nambawan Super and Bank South Pacific and ExxonMobil completes InterOil acquisition. Your weekly digest of the latest business news.

Businesses in PNG will continue to face a difficult foreign currency situation, according to Bank South PacificCEO, Robin Fleming. ‘Most of our payments are made within three to four…

In brief: Vote on revised InterOil takeover bid in February, and other business stories #PNG

InterOil shareholders to vote on revised takeover bid by ExxonMobil in February, government debt rises in September quarter, Oil Search and Kumul Energy to evaluate proposed power projects. Your weekly digest of the latest business news.

InterOil shareholders are expected to vote on 14 February on revised terms of the takeover bid by ExxonMobil. The two have agreed to extend the takeover deadline…

@InterOil ponders appeal after Canadian court upholds appeal against takeover by @ExxonMobil #PNG

The Chairman of InterOil, Chris Finlayson, says the company is considering an appeal to the Supreme Court of Canada after a court upheld an appeal against the US$2.5 billion (K7.9 billion) sale of InterOil to ExxonMobil. Meanwhile, the man behind the appeal, Phil Mulacek, tells Business Advantage PNG he’s open to dialogue.

InterOil’s Chris Finlayson. Credit: LNG World

Last July, the boards of…

In brief: Kina depreciated by 36% since 2012, Reserve Bank governor reveals, and other business stories #PNG

The Reserve Bank’s Loi Bakani says managing a depreciating kina is ‘very difficult’, Canadian court to hear appeal against InterOil buyout, and Coffee Industry Corp steps up rehabilitation program. Your weekly digest of the latest business news.

The kina has depreciated by almost 36 per cent against the United States dollar since 2012, Bank of PNG Governor Loi Bakani says. The National newspaper

In brief: Interoil shareholders approve ExxonMobil takeover, and other business stories #PNG

Eighty per cent of Interoil shareholders approve of ExxonMobil’s takeover bid, PNG economy to grow by 2-3 per cent, and plans for a new shipyard in Madang. Your weekly digest of the latest business news.

InterOil shareholders have voted to approve the takeover by Exxon Mobil. More than 80 per cent of shareholders were in favour. ‘This transaction delivers shareholders a material and immediate…

In brief: BSP in joint venture with Kumul to expand insurance subsidiary, and other business stories

A new insurance joint venture, an ultimatum on corned beef trade ban, plans to limit rice imports. Your weekly digest of the latest business news.

The country’s biggest commercial bank, BSPhas entered into a MoU with Kumul Consolidated Holdings to establish a joint venture (JV) to operate Pacific MMI Limited in PNG. In a statement released by the Port Moresby Stock Exchange, BSP Chairman Sir…

In brief: Papua New Guinea government 'committed' to resolving royalty dispute at PNG LNG site, and other business stories #PNG

Blockade of PNG LNG site now its second week, Trade Minister threatens Fiji over refusal to import PNG products, and fears of job losses if rice import quotas introduced. Your weekly digest of the latest business news.

Energy Minister Nixon Duban saysthe government is committed to resolving a dispute at the Liquified Natural Gas project in Hela province where five wells run by ExxonMobil…

@InterOil shareholders still to decide on takeover by @exxonmobil #PNG

The board of InterOil has accepted that the ExxonMobil bid is ‘superior’ to the bid by Oil Search. But the deal will not be completely finalised until a proposed shareholders’ meeting in September. And there are some legal obstacles that have to be dealt with.

InterOil operations

InterOil has scheduled a Special Meeting, to be held on September 21, 2016 for holders of common shares, options…