Papua New Guinea Prime Minister James Marape has hailed a new agreement with Andrew Forrest's Fortescue Metals Group as a momentous day for the country as it looks to develop hydroelectric power plants and heavy industries.
The agreement between PNG and Fortescue triggers investment in feasibility studies and breathes new life into the $5 billion Purari River hydro-electricity scheme and other renewable energy projects as the developing nation sets its sights on supplying Australia and other countries.
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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
