Regional Briefing
Regional Briefing: Business
Papua New Guinea
Privatisation put on hold
Papua New Guinea¹s Sir Mekere Morauta announced the sale for K108 million of
50.1 percent of Telikom PNG Ltd, the country¹s only telecommunications
service supplier to private owners, including Amalgamated Telecom Holdings
Ltd, the Fiji telecom operator, and Datec (PNG) Ltd, an arm of Steamships
Trading Company. But after telecom workers threatened to strike if the deal
went through, the new prime minister, Sir Michael Somare, put the sale and
other privatisation sales on hold. Telikom¹s prospective new owners said
they intended to solve its present pressing financial worries and invest up
to K850 million in it over the next 10 years.
Oil/gas not corruptible
Papua New Guinea will produce oil and gas for at least the next 20 to 30
years, oil industry, Chevron/Texaco executive, Mike Casey predicted at a
ceremony to celebrate the 10th anniversary of oil production in the country.
He said the industry could be the only sector not afflicted by corruption,
inducements, favours and kickbacks.
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Solomon Islands
No prospecting licence
A claim by an Australian company, Pacrim Resources that it had been licenced
to operate a nickel mine, was refuted by the Solomon Islands Energy
Ministry. It said it had not received any formal application for prospecting
mining nickel deposits at San Jorge Island. Pacrim¹s chairman, Ewan
Stoddart, said the company had agreed with local landowners on an investment
of more than US$50 million on a mine with a life of 40 to 50 years.
French Polynesia
Air Tahiti Nui launches Paris service
French Polynesia¹s decision to take the heavy financial risk of beginning
flights to Paris by the government-controlled Air Tahiti Nui earlier this
year as insurance against the termination of flights by French airlines was
justified when a French airline, Corsair, announced that it would end a
twice-weekly Paris/Papeete service from a date to be decided. Corsair has
delivered up to 60,000 visitors a year to French Polynesia, about a quarter
of the total, since opening the service 10 years ago.
Fiji
EGM extends life of Vatukoula mine
Emperor Gold Mining Ltd said it would invest F$40 million on developments to
extend the life of Fiji¹s Vatukoula gold mine by more than 10 years and
raise annual gold output from 130,000 to 180,000 ounces.
Bank predicts 4.4% growth for 2002
Fiji¹s Reserve Bank said it was sticking by a prediction of its forecast of
4.4 percent GDP growth for 2002. It predicted a growth of 5.9 percent for
2003. It said it had revised its estimate of 2001 growth from 2.6 to 3.8
percent. The bank¹s predictions were doubted by the University of the South
Pacific and some other economists.
Sugar industry in danger of collapse
The Fiji Sugar Corporation, owner of the country¹s four sugar mills,
announced a F$16.85 million operating loss for the year to March 2002,
following a F$20.74 million loss the previous year. Company chairman, Hafiz
Khan said the sugar industry, which directly and indirectly supports about
200,00 people, was in danger of collapse.
Kiribati/Tonga
Kiribati/Tonga get EU help
The European Union agreed to give Kiribati Euro 11 million for a five-year
programme for outer island development, including health and solar energy
projects, and possibly some education projects, with 10 percent to go as
assistance for non-government, civil society and professional organisations.
It agreed to give Tonga Euro 5.7 million for school, technical/vocational,
health and sanitation projects centred on Vava¹u islands.
Samoa
Sinalei closed for business
Samoa¹s Sinalei Reef Resort has closed for a year so that about 40 mainly
German artistic folks could use it as an exclusive arts centre and retreat.
Owner Joe Annandale said the 25-bungalow resort would reopen in August 2003.
West Papua
US firm told to end pollution
Indonesia¹s government instructed the American-owned Freeport gold and
copper mine in West Papua to immediately end pollution problems. The Jakarta
Post newspaper reported that diseases threatened thousands of Papuans living
along two main rivers where the mine dumped its wastewater.
Palau
Betel nut market worth US$9 m
Palau¹s annual domestic market for betel nut and associated ingredients is
worth about US$9 million, a survey showed.
Tonga
Taumoepeau returns to TVB
Semisi Tamoepeau returned as director of the Tonga Visitors Bureau after a
19-month attachment as chief executive of Royal Tongan Airlines.
He said he was confident that two or three multi-million dollar tourism
projects would be completed by the end of the year.
