Photo: BSP Group CEO Mark T. Robinson
According to the Pacific Economic & Market Insight report, the US$10 billion (K35.2 billion) Papua LNG project is expected to complete the FEED phase in Q4-2023 or Q1-2024, by when the final investment decision (FID) is expected.
BSP Group Chief Executive Officer Mr. Mark Robinson said, “The project represents a significant investment in PNG and will serve as a catalyst for further economic growth.”
“FID triggers a construction phase that is expected to last four (4) years,” Mr. Robinson added, “during this time we will see resource-adjacent sectors benefiting, as local service providers are contracted to support the construction phase.” BSP stands ready to support the next economic growth phase in PNG.
Despite the positive outlook domestically, global risks remain skewed heavily towards the downside, as evidenced by geopolitical instability and the collapse of a small number of overseas financial institutions in early 2023. “BSP has a strong balance sheet and prudent liquidity management to protect our customers,” said Mr. Robinson, “and our capital adequacy and leverage ratios stand at 24.6% and 9.9% respectively, which are well above domestic and international regulatory standards.”
“We continue to monitor external financial contagions and the domestic economy to ensure customers’ deposits are safe,” Mr. Robinson added.
BSP remains confident that it will be an integral part of PNG’s economic growth story with its prudent risk management, strong financial metrics, and unrivalled reach across the PNG market.
