PNG Debt

McCully raises Govt debt to NZ business

According to media reports in New Zealand, the issue was raised during the visit to PNG by Foreign Affairs Minister, Murray McCully.

PNG poised to roll over Oil Search loan with UBS, JPMorgan

Street Talk understands PNG's government is seeking two banks to jointly provide the new funding package and is likely to turn to long-time financier and architect of the initial $1.239 billion funding package, UBS.

The second bank is expected to be Wall Street giant JPMorgan, the sources said. 

It's understood the parties are working through the terms and seeking to have a deal signed in the next few weeks. The clock is ticking for PNG whose $904 million collar loan, initially arranged with UBS in February 2014, will mature at the end of the month.