This was announced by the PNG Ports Corporation, which owns and operates the 15 maritime ports in the country.
PNG Ports was recently awarded a financial package of $A580 million (about K1.5 billion) by the Australian Infrastructure Financing Facility for the Pacific.
The funding will be used to rehabilitate six ports: Daru, Kavieng, Kimbe, Lae, Lorengau, Oro Bay and a Highlands inland freight hub, The National newspaper reported.
PNG Ports CEO Fego Kiniafa said local companies would be awarded contracts - a minimum of 30% of the funding - as part of a plan to invest in the local business community.
"Under the contract, local PNG content is a critical aspect and we (PNG Ports) are looking at engaging local contractors to ensure that up to 30% of the money stays in PNG," Kiniafa said.
"At least 40 prequalified international contractors, from Australia and eight other countries, have shown interest. We will take on board local companies as well to ensure local involvement is achieved.
"Our port infrastructure has deteriorated over the decades. Immediate rehabilitation works will be done to build quality, sustainable infrastructure to serve PNG people for years to come."
So far, only the Oro Bay Port rehabilitation project has started.