The world’s largest shipping group, China Ocean Shipping Company (COSCO) has partnered with the PNG Ports Corporation Limited to expand its services across PNG with bi-monthly vessel calls through Inchcape Shipping Services as its local PNG agents.Its maiden voyage was the container ship. Hansa Cloppenburg, soon to be followed by Tokyo Trader on October 2...
In spite of the pandemic, the assets of the Petroleum Resources Kutubu has grown from K400 million in 2008 to K2.3 billion. This was revealed by Mineral Resources Development Company (MDRC) Managing Director Augustine Mano at Aiyo Primary School, Kutubu, Southern Highlands Province who said that this growth was part of his commitment to the Fasu landowner...
In a market survey participated by business leaders, more than 60 per cent have shown that they are not going to lay off employees during this time, according to the PNG Business Council. Executive Director Douveri Henao said that this is a good sign and that companies are now employing measures such as using a skeletal workforce and reduction of work hou...
“The demand for gold almost always rises as the economy worsens. And that is just what is happening today,” New Ireland Governor Sir Julius Chan said in a statement during a meeting with Kumul Petroleum Holdings Limited (KPHL) board in the province. He added, “In less than two years, gold has gone from US$1,200 (K4,197) per ounce to nearly US$2,000 (K6,9...
For the development of their renewable energy park, landowners from Markham Valley, Morobo have signed lease agreements and development with PNG Biomass, saying that the lease enables construction, site clearing, and operation of the park. The agreement between these two sanctions is sure to benefit landowners.Operated by the Mark Markham Valley Biomass L...
As part of the agenda of the government, New Deputy Prime Minister Sam Basil who is also the Minister for National Planning has vowed to link PNG beginning from Morobe to Port Moresby - which ultimately costs between K400 and K500 million. According to Mr Basil, the road runs from Kasengare, Kaitaipi, Rupila, Omu, Guari, Tapini and Aropokina to link to th...
In a move that slowly opens the economy and boosts the tourism industry, Papua New Guinea has opened its borders for four more countries - Singapore, Hong Kong, Solomon Islands, and Japan. This comes after PNG has already opened its doors to Australia.According to pandemic response controller David Manning, passengers are still required to obtain approval...
To expand the small and medium enterprises (SMEs) and fund additional strategic projects that enhance digital leadership in the country, Kina Bank is planning to raise around A$91 million (K224mil). According to Kina Bank chief executive officer Greg Pawson, they want to be more competitive in lending particularly for large SMEs, commercial and corporate ...
Tufi will soon undergo some changes following the inaugural Link PNG flight to Tufi. According to Transport and Infrastructure Minister William Samb, Tufi is soon to be made into Northern’s second airport. He said that Tufi will be part of the civil aviation development programme phase two (Cadip 2). He added that the government had an overall Connect PNG...
Better roads along Highland Highways means more economic potential. This, according to Papua New Guinea Puma Energy Country Manager Hulala Tokome, who said in a statement that he is already seeing businesses growing as the areas open up to more opportunities.“We have experienced a strong entrepreneurial mindset from SMEs there along the road who are keen ...
To ensure the stability of his coalition, Papua New Guinea Prime Minister James Marape has reshuffled his cabinet.His line up includes Sam Basil, the leader of the United Labour Party and MP, who is now the new deputy prime minister and Minister for Planning and Implementation and Walter Schnaubelt who replaces Emil Tamur as Minister for Tourism, Arts and...
The Head of Papua New Guinea Extractive Industries Transparency (PNGEITI), Mr. Lucas Alkan announced today that the country will be validated for the second time since PNG signed up to implement the EITI global best practice Standard in 2013.The validation exercise is set to commence on the 30th of October 2020. Mr. Alkan stated that the validation is an ...
VIRTUAL ENGAGEMENT: The Chamber Webinar set up in Port Moresby at the Hilton HotelThe Papua New Guinea Chamber of Mines and Petroleum held its first ever virtual seminar last Thursday 13 August to give an update on the resources sector, and its plans moving into the new normal.With recent amendments having been made to both the Mining and Oil and Gas Acts...
Transparency mechanisms must be considered and built into project agreements and memorandum of agreement reviews.Head of the PNG Extractive Industries Transparency Initiative (PNGEITI) National Secretariat, Lucas Alkan, said it would be interesting to see how negotiations take place as the government proceeds with preparation for negotiating the Wafi Golp...
Committed to ensuring women do not lose employment as a result of FSV, BSP’s Head of Support Services, Alicia Sahib (Far Left) engaged the BCFW to review BSP’s workplace policy, ensuring it was in accord with best practice.Did you know that Papua New Guinea’s private sector has a suite of best practice and culturally appropriate resources to help it comba...
Following is an introduction by Pacific Trade Invest’s (PTI’s) ‘Pacific Business Monitor’ survey to understand the ongoing effects of Covid-19 on the Pacific’s private sector. It is followed by a summary of the findings by PNG Business News correspondent Jason Kaut. Read to find out more, further below. INTRODUCTION (PTI) The COVID-19 outbreak has caused ...
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