Grand Papua Hotel – A Member of Radisson Individuals, Port Moresby Wins – World Travel Award – Papua New Guinea’s Leading Business Hotel 2022
PNG Business News - September 06, 2022
Southern Cross Assurance champions of Santos 2022 Daffodil Corporate Golf Challenge
EVERYONE’S A WINNER: Mr Gerea Aopi, CBE – PNG Cancer Foundation Chairman and Mr Leon Buskens, Santos Country Chair, PNG along with Team Southern Cross Assurance Limited, winners of the Santos 2022 Corporate Golf Challenge. The Santos 2022 Daffodil Corporate Golf Challenge with the tremendous support of the business community has raised more than K160,000 for the Papua New Guinea Cancer Foundation (PNGCF). Forty teams registered in the annual charity event held at the Royal Port Moresby Golf Club on Friday, 02nd September 2022 with Southern Cross Assurance Limited crowned the Daffodil Cup winners. Santos Country Chair, PNG, Mr Leon Buskens said, “This is the inaugural event under the merged entity of Oil Search and Santos. Santos is proud to continue the support towards cancer education and awareness which can potentially save lives.” Santos is looking to collaborate more in the prevention of cervical cancer which is the most common cancer in women in PNG. “One low hanging fruit is vaccination against the Human Papilloma Virus (HPV). 90% of cervical cancers are caused by HPV and so to prevent cervical cancer including penile cancer in men, HPV vaccination is most needed. In our various capacities as well, we must challenge the status quo that makes sexual education a taboo subject in some cultures. It will take a more strategic and collective effort from every one of us to overcome this burden.” “And so, I acknowledge the many companies including individuals who are here, demonstrating their commitment in the fight against cancer through their support of the annual Daffodil campaign. I also congratulate Southern Cross Assurance Limited for being crowned winners of the Santos 2022 Daffodil Cup,” said Mr Buskens. The Santos 2022 Daffodil Corporate Golf Challenge was held in fond memory of the Late Mr Willie Kupo, who contributed immensely to the success of the charity event. Chairman of PNGCF, Mr Gerea Aopi, CBE led a minute of silence before the official tee-off for Late Mr Willie Kupo including the Late Chief Jacob Luke who was heavily involved in the work of the PNG Cancer Relief Society. The Santos-funded golf event has been an annual activity on the Royal Port Moresby Golf Club’s charity event calendar since 2003. The annual golf day is hosted by PNGCF under the Daffodil Campaign to encourage individuals to make healthy lifestyle choices to reduce their cancer risk and to inspire the message of hope for a healthier Papua New Guinea.
PNG Business News - August 31, 2022
FinCorp Transforms Lae Branch
Photo: New Office - Nambawan Super Building - Top Town FinCorp embarks on a transformation program as it commences a nationwide branch upgrade that will incorporate the newly revitalized Fincorp brand. The roll out commences with the relocation of the Lae branch, to the Nambawan Super Building, Section: 49, Allotment: 3 – 7, Office 4, Lae, Morobe Province. FinCorp first opened its Lae branch doors in 1998, where the Milfordhaven Road branch, was positioned to service the Lae clientele. Since then, Lae has expanded, the township has grown and so has FinCorp’s loyal customer base. ” As our customer needs continue to evolve, it’s important that the FinCorp brand reflects our commitment to grow with our customers. Our new facilities offer a more convenient and accessible location to our customers and easier access to our friendly customer service staff,” CEO Fincorp, Brett Tayler. Old Office - Milfordhaven Road The new Fincorp facilities in Lae Top town will cater for a larger customer service area and boasts greater space and privacy. “Fincorp has been servicing the people of Morobe province for over twenty years, so It’s timely and fitting, that we launch the first FinCorp rebranded modernized facility, here in Lae. Our new facilities will offer our customers and staff a professional and inclusive zone, where our customers’ needs can be discussed privately and in comfort. ” CEO FinCorp, Brett Tayler. About FinCorp FinCorp is a licensed consumer and commercial financial Institution, in Papua New Guinea, offering a range of financial services catering to a wide variety of lifestyles and market segments. FinCorp has branches in Port Moresby, Mt Hagen, Goroka, Kokopo and Lae, complimented by an extended Agent Network.
PNG Business News - August 29, 2022
Kina continues strong revenue momentum supported by growth in core business
Photo: Kina’s CEO and Managing Director Greg Pawson Kina has today announced an NPAT of PGK 45.6m an increase of 15% compared to the prior corresponding period (PCP). Kina’s 1H22 results reflect strong revenue growth and ongoing progress against the key strategic priorities of the Group. Kina remains committed to delivering improved returns by growing market share organically, disciplined expense management and a prudent approach to maintaining a resilient balance sheet. Revenue growth was evident across both net interest and non-interest income. Net interest income grew by 8% against PCP due to solid lending performance in SME and home lending. In non-interest income, merchant facility fees and FX income contributed to the 34% increase against PCP. In good news for shareholders, The Board has declared an unfranked half year dividend for the H122 of AUD 4.1 cents per share/ PGK 10.3 toea per share. Kina’s CEO and Managing Director, Greg Pawson said the result demonstrates top line growth momentum, execution of our digital initiatives and a solid start to lending for the half. “Over the past 6 months we have continued to build out our organic growth strategy. Increasing market share in our targeted segments remains the focus for 2022 supported by a robust balance sheet that ensures profitable growth. Underpinning revenue momentum is a disciplined approach to deliver customer-led digital solutions. The Launch of our ‘Single View’ is a market first in PNG. Single View enables customers to access their superannuation balances via Kina’s online banking channel.” Other key achievements for the half were: New customer segment propositions Kina PRIME PLUS (home loans), Kina Private (mass affluent), Kina Venture (SME) Established a Corporate Advisory Services Unit Expansion of Business Banking footprint to key provincial centres Implementation of customer analytics and artificial intelligence for AML and transactions monitoring Several Key payment partnerships such as Pei Beta and Xero, Digital channels income up by 92% and scheme card growth of 138% Implemented Environment and Social Management System for commercial loan origination (in partnership with Asian Development Bank) Development of the ESG strategy and objectives for implementation over H2 2022 Expansion of MiBank financial inclusion partnership including the first co-branded branch in Alotau, Milne Bay province Performance snapshot: Increase in NPAT by 15% to PGK 45.6m. Loan book growth of 5%, to PGK 2.05b. Net Interest Income increased by 8% to PGK 92.5m, compared to PGK 85.4m in the PCP. Foreign Exchange (FX) grew by 10%. Fees and Commissions increased by 34% against PCP due to the ongoing expansion of Kina’s digital channel network. Cost to income increased 2% compared to PCP due to non-recurring expenditure in capability projects and initiatives targeted to drive sustained efficiency. Kina’s Funds Administration business recorded NPAT of PGK 4.4m, with revenue growth of 12%. The Funds Management business grew by 5% in total funds under management (PGK 5m). Banking – Lending growth of 5% The lending portfolio delivered solid results across Home and Corporate Lending. Home lending grew by PGK84.3m, representing 10% growth on the PCP with housing loans contributing 41% of loan book growth. Business lending experienced growth in Term and Asset Financing loans, Agriculture sector, with expectations for higher growth in the second half of the year – something is missing here. Deposits grew 12% over the past 6 months largely attributed to an increase in fixed term deposits resulting in a lengthening of the balance sheet duration. Net Interest Margin reduced to 6.2% due to a lower yield in government securities, strong growth in corporate deposits supporting a strong lending pipeline and acquiring additional share of customer transactional banking including FX and a deliberate strategy of participating in corporate lending. Funds Administration - Revenue growth of 12% Kina’s Funds Administration business recorded NPAT of PGK 4.4m, with revenue growth of 12% compared to PCP generated from improved value add services to superannuation clients. The Funds Management business grew by 5% in total funds under management (PGK 5m), maintaining Kina’s market share in this sector. Strategy and Outlook Kina’s purpose is to constantly improve the prosperity of the people, communities, and markets it serves. The bank achieves this by being the most dynamic, progressive, and accessible financial services organization in the Pan Pacific. To deliver on our purpose the bank developed a series of priorities. Kina is on track to deliver against its 2025 strategic plan. The plan will continue to drive organic growth in the core banking business and a leading edge digital customer experience, focused on organisational sustainability and corporate responsibility. Kina aims to continue its current trajectory of pursuing targeted market growth, customer service excellence, digital on-boarding and transactional processing, and strategic partnerships to extend our network coverage. These initiatives include: Home loan and SME growth in key target segments Digital onboarding through Electronic Know Your Customer (E-KYC) Enhancing data capabilities to proactively manage risk Building a workforce capability that reflects our strategic requirements. Embedding our ESG strategy through our Environment and Social Management Systems. Mr Pawson said the growth agenda remains our key focus in the second half. “Our aspirations to be the most sustainable leader in PNG will drive our agenda. Our regional branch expansion and appointment of additional business advisors will support our growth targets, efficiency initiatives will improve our expense base and creating a dynamic workforce with a digital mindset will set Kina up to deliver prosperity for our communities”.
PNG Business News - August 25, 2022
Education Counselling through PNG Study Abroad
PNG Study Abroad has been guiding many students in PNG to pursue success in their study abroad journey for almost seven years. Managing Director of PNG Study Abroad, Ms Mitsuki Sato, originally from Japan established her education agency in 2015 shortly after moving to Port Moresby with her family. Mitsuki has since grown the business and in 2018 won the Queensland Government Agent Pitch Challenge promoting study in Australia to PNG students. PNG Study Abroad partners with universities, VET providers and government schools in Australia, Japan, Fiji and Grenada providing hands-on assistance to students in PNG and the Pacific who wish to study abroad, helping students choose the best study options to help achieve their long-term career goals. Mitsuki assists students and their families with the entire process which includes the admissions process, visa applications, arranging health insurance, sourcing accommodation, travel support and ongoing support to students during their study overseas. The role of the Education Counselor is widely recognised in other countries however is still quite new in PNG. Education counselling is not just about finding a program for students, it’s much more dynamic and includes planning and counselling for each student. Mitsuki explains to her students and their families ‘When I sit down with students, I ask lots of questions like what is your passion? What kind of career do you want to pursue? Do you like to be physically active in your job?’. These conversations with students helps them explore their interests and identifies potential future study and career paths. With so many study options to consider it is important to provide the student with the confidence and resources to make the best decision for their future. Romney Degena, who recently completed Associate degree in Civil Engineering at TAFE Queensland said “Mitsuki supported me from the start to finish of my academic journey. As a result I was able to gain an entry to the program and successfully completed. I now have a dream job as a civil engineer on the Sunshine Coast.” Important to student’s successful transition into living and studying in another country. Romney added ‘Mitsuki was very supportive and helped me understand the cultural and social norms as well as transition into life in Australia. This support was instrumental in my ability to navigate new surrounds, make new friends and be successful at study’.
PNG Business News - August 23, 2022
PNG Shipping Co Invests: New Vessel, New Barge, New Containers
Photo: Consort’s newest addition to its fleet, general cargo vessel ‘Kimbe Chief’, is dedicated to providing a reliable, efficient, and safe service between PNG’s busiest port of Lae and West New Britain’s capital, Kimbe. Papua New Guinea’s leading coastal shipping provider, Consort Express Lines (‘Consort’), recently welcomed the arrival of its latest cargo vessel ‘Kimbe Chief’. Consort’s purchase of the nearly 90-metre-long vessel, together with another barge, as well as 1,000 new shipping containers, represents a considerable investment and an ongoing commitment to provide Papua New Guinea with the best possible shipping service. Kimbe Chief is the newest of 12 vessels in Consort’s fleet. Importantly, she has her own crane, enabling efficient and cost-effective cargo loading and unloading, and generous capacity. As her name suggests, she will be dedicated to servicing the weekly Lae-Kimbe-Lae Niugini Islands route. Thomas Bellamy, Chief Operating Officer of the logistics division of Steamships Limited, to which Consort belongs, reports that “wanting to better service our import and export customers and communities who rely on the Lae-Kimbe-Lae route was the primary reason for Kimbe Chief’s purchase. In short, having one of our vessels solely dedicated to the route enables Consort to provide a more reliable and efficient service.” Bellamy acknowledges that the Kimbe Chief ‘s purchase has the added benefit of freeing up other vessels that previously serviced the route, as well as minimising the impact of any unanticipated maintenance issues within Consort’s broader fleet. “We’re now more favourably positioned to not only provide an enhanced service between Lae and Kimbe, but better services across all routes. Furthermore, the expanded fleet has increased our charter project capabilities, which is particularly important for some of our biggest customers, including those in mining, as well as oil and gas.” The company’s additional investment in another barge and 1,000 new containers, including high-cube reefers and 20FT and 40FT dry containers, is also significant in terms of increased service capacity and reliability. According to Bellamy, so too is it important in terms of safety. “Aging logistics infrastructure and equipment poses all sorts of potential risks when it comes to workplace safety, as well as environmental safety. At Consort our primary goal is to provide a 100 percent safe service which includes proactively replacing assets prior to them having any capacity to compromise safety.” Consort transports cargo in a liner and project charter capacity for a diverse range of businesses, from domestic manufacturers and wholesalers to local farming, transport, and construction companies, as well as international energy and mining operators. Not only are Consort’s services vital to these organisations’ business operations but they are also critical to the health and development of communities all over Papua New Guinea. Consort has been transporting essential goods – including food, medicine, building materials and agricultural supplies – to communities for more than 40 years. *** Consort extensively invests in its fleet and infrastructure to better service its customers with a complete and reliable shipping service. As the largest coastal shipping company in Papua New Guinea, Consort provides greater capacity and more frequent services than any other coastal operator. Consort is a division of a larger, intermodal logistics group solely owned by Steamships Limited. To learn more about Consort: www.consort.com.pg
PNG Business News - August 22, 2022
PacTow Expands its Tug Fleet Again!
Photo: Part of a 21-vessel fleet, Pacific Towing’s latest tug acquired as part of its fleet expansion program will be dedicated to harbour towage and permanently stationed at the company’s dedicated tug base in Port Moresby. Melanesian marine services company, Pacific Towing (PacTow), has added yet another tug to its fleet. The Azimuth Stern Drive (ASD) tug ‘Tavurvur’ is a specialised harbour tug and will be permanently stationed at PacTow’s dedicated tug base in Port Moresby. Tavurvur is the second of two tugs purchased by PacTow this year as part of the company’s ongoing fleet expansion program. Tavurvur (originally ‘Nimble’) was purchased out of Singapore, where she was also reflagged. The tug shares many similarities to Koranga, another ASD tug PacTow purchased in the first half of 2022 for permanent deployment in Lae. Tavurvur is in class with Lloyd’s Register, 30 metres long, and with a bollard pull of 60 tonnes. General Manager, Neil Papenfus, confirms that the last decade has been one of diversification and growth for PacTow and that re-fleeting is necessary for this to continue. “We’ve diversified our service offerings, especially when it comes to servicing the oil and gas sector, while simultaneously delivering our services further afield. For example, in the last few years we’ve had our tugs and crews in Indonesia, Micronesia, Northern Australia, and even in United States’ waters when conducting a tandem towage project for a client in Guam.” However, harbour towage is still PacTow’s core business. “The two specialised harbour tugs we’ve purchased this year ensure that we can easily and safely maintain our current levels of service in the two biggest and most important ports in the country – Lae and Port Moresby. Tavurvur and Koranga also help ‘free up’ other tugs in our 21-vessel fleet for unscheduled projects such as emergency response and salvage just about anywhere in the region, as well as for unexpected maintenance” explains Papenfus. PacTow has operations throughout Papua New Guinea, as well as in Solomon Islands and Fiji, but also services broader Oceania and Southeast Asia. The majority of PacTow’s 200+ staff (97 percent of whom are Melanesian) are also located at the Port Moresby facility where new tug Tavurvur will be stationed. Also, at PacTow’s Port Moresby tug base is a HACCP certified camp, training facilities, life raft station, as well as fully equipped marine engineering and fabrication workshops. PacTow delivers excellent, reliable, and safe marine services through PNG and the broader Pacific. A well-maintained fleet, as well as a dedicated and exceptionally trained team underpin PacTow’s ongoing expansion and success. PacTow is part of a larger sea and land logistics group wholly owned by Steamships Limited. To learn more about PacTow: www.pacifictowingmarineservices.com.
PNG Business News - August 22, 2022
More Camps for Modular Specialist
Photo: Local workforce installing Ark Pacific building units for a replacement camp at a one of PNG’s biggest mines. The camp encompasses 800 rooms in 16 two-storey accommodation blocks. Prefab modular camp specialist, Ark Pacific, is working with one of PNG’s largest mines to finalise the design stage of a 700 room camp. Ark has provided the same mine with numerous modular buildings over a five-year period and is currently in the last stages of fully replacing another of its camps, a project encompassing 800 rooms. The company is also designing an entire camp complex further afield for the reopening of an Australian mine. Thousands of Ark’s modular building units can be found all over PNG. The durability of the units, in combination with the speed with which they can be assembled into a multitude of building configurations, and their extremely low freight footprint (up to 75 percent less than other prefabricated alternatives) are key factors in the popularity of Ark’s building systems. General Manager and long-term PNG operator, Cass Ruka, says that “building with Ark units can be likened to building with Lego because the units literally ‘click’ together. This means that unskilled workers in remote footprint communities can assemble Ark buildings, which is of course beneficial to these workers and their families, and therefore to resource clients wanting to achieve their local content objectives.” Ruka says that the unrivalled suitability of Ark’s product for remote resource sector projects is evident in the long-term relationship he has built with one of PNG’s biggest mines, and the diverse array of buildings he has delivered for them. Having almost completed the 800 new rooms for the mine’s ‘Camp 1’, Ark is working with the client to finalise the design of the 700 room ‘Camp 2’. Like the original project, the second camp is a ‘replacement’ camp whereby aging accommodation blocks will be demolished and then replaced by Ark in a multi-staged process stretching over a 3-4 year period. In addition to providing its client with what will be a total of 1,500 camp rooms, Ark has also delivered an array of other fit-for-purpose buildings (e.g., office complexes, mess facilities, ablution blocks, technical buildings, laboratories, training facilities). Additional building types, including a field maintenance workshop are also in the pipeline. Ark’s design team expertise is not constrained to buildings. They are currently designing an entire camp complex for the reopening of an Australian mine. The complex will encompass administration, mess, dining, laundry, and recreation buildings, as well as accommodation for 300 people. Ruka says one of the design requirements for the accommodation buildings is that post-construction phase, when worker numbers decrease, shared accommodation units can be transformed into more generous living spaces through the removal of internal walls. Modification and repurposeability are highly valued features of Ark’s building systems. “Particularly significant when building in PNG” says Ruka “is the fact that our buildings can easily be reconfigured and relocated to benefit footprint communities as schools, clinics, or libraries once clients no longer require them.” Ark designs and builds to a range of international standards in addition to those pertaining to PNG, Australia, and New Zealand. The adaptability to different nations’ building codes is evident in the classrooms Ark are designing for international construction company, McConnell Dowell, in American Samoa. Ruka notes that a key design requirement for the two-storey classroom building and its accompanying ablution facilities, is wheelchair accessibility, which to date has not been a common requirement in buildings Ark provides elsewhere but one which he anticipates increasing, in a similar fashion to the growing requirement for more ‘green’ buildings.
Paul Oeka - August 15, 2022
Theodist renews ongoing support to Charity
Photo: From Left to Right: Dorothy Koch (Public Relations and fundraising Manger, Buk Bilong Pikinini) Ryan Pini (Corporate Development Manager, Theodist Limited) Shaun Pini (Purchasing Manager, Theodist Limited) Buk bilong Pikinini (Tok pisin for “Childrens Books”) An independent charity based in Port Moresby was given a boost from Theodist with a generous donation of K50, 000 to help support the charity’s operations in the country. Theodist is Papua New Guinea’s largest office products and equipment retailer and as a Gold Sponsor of the charity, the company has been supporting Buk bilong Pikinini since 2014 as it recognizes that this is part of a collective effort in combatting illiteracy in Papua New Guinea. Theodist’s Corporate Development Manager, Ryan Pini said “Like Buk Bilong pikinini, Theodist acknowledges the value of early childhood education and understands that an investment in our children is an investment in the future of Papua New Guinea”. The partnership has also seen Theodist hosting Buk bilong Pikinini’s reading corner and book shop inside their Waigani shop, where all proceeds from the sale of the books from the book shop go towards supporting the organization’s sustainability. A presentation was held at the at the Theodist office to renew their annual sponsorship of K50,000 to Buk Bilong Pikinini to support the organization’s focus to alleviate literacy rates in PNG through the fostering of a culture of literacy and reading from early childhood. During the presentation, Pini highlighted that “One of the pillars of our corporate social responsibility is to invest in organizations and programs that have a positive impact on our communities”. “We hope this sponsorship will go a long way towards promoting early childhood education among our children, as well as improving access to education and literacy in Papua New Guinea”. Founded and established in 2007, the buk bilong pikinini charity was created to provide vulnerable children with access to books and create a love of reading and learning in Papua New Guinea.
PNG Business News - August 08, 2022
CEO Tarutia to Retire in 2023
Photo credit: Nasfund - Ian Tarutia As the long-serving CEO of the fund, Ian Tarutia, CEO of Nasfund, will step down on March 31, 2023. Mr Tarutia has informed the board of his desire to retire at the end of March 2023, according to chairman Charles Vee's announcement. He said that the board appreciates his choice and has begun the search for a suitable replacement. “Ian has served the fund, Nasfund its predecessor NPF and the fund members over the last 35 years with distinction and his departure will be a big loss for the organisation. “He has led the fund as CEO since November 2011 and presided over a period of sustained profitability, membership growth, balance sheet growth and improved member servicing over his watch. He has built a strong leadership team and pleasingly most are all competent Papua New Guineans. The board is comforted that the business of the fund and service to members will continue while a new CEO is recruited and appointed,” Mr Vee said. In the first quarter of 2023, he will say his final goodbyes formally. Mr Tarutia declared that he is confident in his choice to leave the fund at the beginning of 2023. “I have served Nasfund and its predecessor National Provident Fund (NPF) for almost 35 years. Out of this, I have served 15 years at the CEO level. “As my first employer straight from university, the fund has been a significant part of my adult and professional life. “I have seen the fund from its lowest time as an organisation on the brink of extinction to its peak of distinction as a leading superannuation and financial institution in Papua New Guinea and the Pacific today,” Mr Tarutia said. He said that via better governance, an emphasis on customer service, innovative products, higher retirement savings, and return on investments, members had greatly benefited from the fund's revival. “More importantly, the fund today is staffed by well-qualified, competent and dedicated Papua New Guineans who are as passionate as I am in serving members to the best of our ability. I am privileged and honoured to have played a role in the consolidation, rebuild and transformation phase of the fund to where it is today. “But the time has come to pass the baton to someone else to take the reins,” he said. “I am keen to pursue other personal interests and endeavours and look forward to the next phase of life. “The board has commenced a recruitment process to find my replacement, I will assist with the transition to ensure stability and continuity.” Mr. Tarutia stated that in the interim, he is still committed to seeing that the fund achieves its goals for the year and continues to produce gains for its members. Reference: Post-Courier (2 August 2022). “Tarutia To Retre In 2023”.
PNG Business News - August 05, 2022
Kumul Petroleum recognition means KEO dividend payment to PDL7 landowners
Photo: Kumul Petroleum Managing Director Wapu Sonk presents to PDL 7 landowner beneficiaries who have established and nominated Kroton Laitepo Equity Limited to receive the KEO benefits on their behalf, their unit certificate and preferential dividends Papua New Guinea’s national oil and gas company, Kumul Petroleum Holdings Limited announced today that all necessary eligibility process verifications had been completed with the PDL 7 landowners, so that they were able to receive accrued Kroton Equity Option (KEO) preferential dividends. The 2009 PNG LNG Project Umbrella Benefit Sharing Agreement between the Independent State and recognised provincial governments and landowners impacted by the project were entitled to exercise a commercial option to acquire shares in the State entity taking up shares in the project, known as the Kroton Equity Option. Wapu Sonk, Managing Director of Kumul Petroleum said, “working closely with the Department of Petroleum and MRDC, we have completed the landowner identification studies for this landowner group, ensuring that they can receive their KEO entitlements.” “Today I am pleased to announce that Kumul Petroleum can award this PDL 7 landowner group with a share certificate, recognising them and their nominated company, and therefore a cheque for their accrued preferential dividends from 2017 to 2021, for K22.7 million, this is a significant amount.” “I thank these landowners for their patience over these past 5 years, we are all glad this moment has come.” The PDL7 landowner beneficiaries have established and nominated Kroton Laitepo Equity Limited to receive the KEO benefits on their behalf. Mr Sonk added, “It is important that Kumul Petroleum follows due process, including proper identification verified by the Department of Petroleum.” “We issued a public notice in May this year notifying all KEO beneficiaries to complete KEO eligibility criteria requirement. The PDL 7 landowner beneficiaries are the first to complete this.” Mr Sonk took the opportunity to also encourage other beneficiary groups to complete their KEO eligibility criteria compliance so that they could also receive their KEO related benefits. Article courtesy of Kumul Petroleum
PNG Business News - August 04, 2022
TWL Directors attend refresher training with PNG Institute of Directors
Photo: Trans Wonderland Limited Board of Directors after a 2-day training by the PNG Institute of Directors in Port Moresby Santos has commended nine directors from landowner company Trans Wonderland Limited (TWL) including managing director Larry Andagali for attending a 2-day directors’ training facilitated by the Papua New Guinea Institute of Directors (PNGID) in Port Moresby. Leon Buskens, Santos Country Chair PNG said this was important for any company as part of continuous improvement in quality governance. The training introduced the basic standards on the roles, responsibilities and tasks required of directors including aspiring directors and corporate executives and managers. TWL managing director Larry Andagali said the training was important for the directors to learn the basic steps in formulating and implementing key strategic and risk management planning and processes. The directors gained an understanding of the evolving concept of corporate governance, the distinction between governance and standard financial statements which are very important for us. “We also had our financial team and some senior managers from our subsidiaries attend this training as part of their career development,” Mr Andagali said. With the expansion of its operations internationally with joint venture companies (JVCs), TWL is going beyond to upskill its directors and build their confidence in sitting on large boards and to deliberate with directors from different backgrounds. “Most of our directors have become partners with other international players such as PenTrans, Sarens and TWL Logistics. We organised ourselves as the TWL Group also with a development focus. Each director has the opportunity to sit on various boards to develop a clear understanding of the different subsidiaries they represent,” Mr Andagali added. TWL has been a member of the PNGID in recent years and the training was timely to reinstate themselves as an active member. “Having the PNGID come in to help us understand our roles and responsibilities was vital as we continue to expand our flagship transportation company in the country and abroad. This is a very refreshing course. I would recommend it to directors from other organisations. “We are building a national iconic PNG company and not just a landowner company. This training will help us achieve that vision.” Article courtesy of Santos
PNG Business News - August 02, 2022
Hela Rural Development Foundation introduces Digital Donation
Hela Rural Development Foundation (HRDF) in partnership with BSP Financial Group Limited (BSP) has begun the shift to receiving digital donations on their website through the Online Payment Gateway system. Established in 2019, HRDF as a development partner to improve the quality of education, health and support sport functions in remote communities in Hela Province, HRDF continues to deliver projects through the support of donation partners and program support organisations in Papua New Guinea and Australia. With operation sites located in Port Moresby and Tari, the foundation has extended support to neighboring provinces in Southern Highlands and Enga. Founder and Chairman of HRDF Eric Yawas, explained that they currently have a total of ten donation partners and various program support organisations in both PNG and Australia. HRDF delivers range of materials from library books, computers, and teacher’s reading materials, to desks, tables, and chairs. The Foundation also supply mosquito nets, wheelchairs, and hygiene items to support the Health Centers. Nonetheless, provide sporting gears, balls, shorts, uniforms and sponsors to any sporting functions in schools within Hela province. “Onboarding the BSP online payments system, it will be now be seamless to receive donations that will help the foundation. “Online payments encourages our sponsor partners and donors to make payments conveniently without having to go visit the nearest branch. With just a click of a button, payments are sent through,” said Yawas. “Apart from donation partners overseas, the eCommerce platform provides the perfect avenue for anyone to donate money to assist with funding the logistics required to deliver the projects,” he added. “Digital is the way forward and the solution to all business banking needs, it saves time and adds more value to your business given that we are in the digital age,” he said. Article courtesy of BSP
PNG Business News - July 28, 2022
EXCELLENT SCHEDULE DELIVERY BY AIR NIUGINI
Photo credit: Air Niugini Facebook Page National flag carrier, Air Niugini has performed exceptionally well in delivering its schedule, outperforming many airlines in Australia and the Pacific. In June Air Niugini operated 2,260 flights with 2,104 of those serving the domestic market. When compared with key airlines in Australia for the month of June, Air Niugini’s on time departure performance (flights leaving within 15 minutes of the scheduled departure time) sat at 82% as compared with Qantas at 58.7% and Virgin Australia with 59.8% The cancellation rate for Air Niugini for June was 3.8% while Qantas cancelled 7.5% of all their services and Virgin Australia cancelling 5.8% of their flights. Chief Executive Officer (CEO), Bruce Alabaster said “It’s not easy ensuring schedule integrity and with the difficult conditions under which we operate here in PNG that places further pressure on our schedule. “ “I commend all our staff, those at the check-in counter, traffic officers to operating crew, engineers, catering, flight planning and all those involved for their great teamwork, producing excellent results often under testing circumstances. Our on time performance is something we take very seriously and are always working to improve on, and to be performing at a level higher than our peer airlines in the region is a wonderful result. I encourage the team to continue to maintain the good work. Article courtesy of Air Niugini
PNG Business News - July 21, 2022
Santos Releases Q2 2022 Report
Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record production, sales revenue and free cash flow in the first half of 2022, demonstrating the strong performance of the base business and strategic benefits of our diverse portfolio, despite a number of major planned shutdowns in the second quarter. Strong production combined with higher commodity prices delivered record first half free cash flow of US$1.7 billion, an increase of 199 per cent from the corresponding period last year. “Santos is positioned as a leading and reliable LNG supplier into Asia and we are well placed to take advantage of growing Asian demand for LNG, which is forecast to double by 2050,” Mr Gallagher said. “At the same time, we supported the domestic gas market during a period of extreme demand by diverting gas from GLNG and committing to a fifth drilling rig in the Cooper Basin during the quarter. “Despite the period of price and demand volatility, Santos domestic gas customers paid significantly less than that paid by international customers. These domestic prices are reflective of the long-term contracts that almost all of our Australian customers are on, rather than much publicised spot domestic market prices, which make up approximately only 10 per cent of the east coast gas market. “Our new capital management framework announced in April combined with strong free cash flows position us well to provide returns to shareholders at the half-year results in August.” Article courtesy of Santos
PNG Business News - July 19, 2022
Bishop Brothers – 50 years in Papua New Guinea 1972 - 2022
Photo: Port Moresby 1980 For 50 years Bishops has been an integral part of the ongoing development of Papua New Guinea through the supply and service of products to a multitude of projects, agriculture, mining, forestry, manufacturing, marine, industrial and of the last decade the evolving oil and gas industry. Bishops in many ways, has grown and developed with the nation. From humble beginnings in 1972 with two brothers working enthusiastically to get established with a handful of staff, to numerous outlets and over 300 staff. During 1972 Mark & Wayne Bishop came to Papua New Guinea to work with their older brother Ross. The original business in Port Moresby focused on general engineering, mechanical and marine maintenance. As the business developed, the Bishops took advantage of the opportunities PNG presented in this area, and invested in more and varied machinery, leading to the young men working 14 to 20 hour days, 7 days a week to build their business service and brand. The business continued to grow and by 1977 the brothers had purchased their own property, which remains the current site of the Port Moresby sales branch, Equipment Hire and head office. As PNG developed and flourished after independence, so did the Bishops. The Bishops played an integral part in projects across the country. Bougainville Copper realised the first labor hire of tradesmen, and later a sales outlet at Kieta, followed by a workshop and sales office in Lae in 1985 to manage the maintenance requirements coming off the island, and to service the new projects coming on line in the Misima and Porgera gold mines, and the oil fields of Gobe. Photo: Lae 1980’s The brothers established a JV in Tabubil in 1983 when the Ok Tedi mine commenced operations. The venture consisted of a sales office, hardware store, and machining, engineering and fabrication workshops. The JV was responsible for the fabrication and construction of many of the original houses in Tabubil. In 1984, a sales branch was established in Mt. Hagen to service the tea, coffee, general agriculture, extended mining and exploration activities in the Highlands. With the success of the Mt. Hagen branch in the agricultural area, a branch was opened in Kimbe in 1987 to provide sales and service to the developing oil palm industry in the province. In 1990 a branch was opened in Rabaul, again to support the cocoa, copra and balsa industries. The volcanic eruptions in 1994 witnessed the decimation of the Rabaul township and the Bishops outlet. After some years, Bishops retuned to the province setting up an outlet in the now thriving Kokopo town. 1991 saw a second JV established, this time in the Porgera township. This outlet serviced the Porgera gold mine with a concentration on hydraulic services. This association lead to major contracts for supply of consumables to be supplied from Lae. In 1999, Bishops set up a sales outlet in Madang, the promise of mining developments was a catalyst for this operation. The final branch expansion came in 2006 when Bishops entered the Solomon Islands with an outlet in Honiara, unfortunately the Honiara branch was closed in 2022 due to ongoing internal tensions which lead to numerous security incursions on all business houses there. The brothers established a JV in Tabubil in 1983 when the Ok Tedi mine commenced operations. The venture consisted of a sales office, hardware store, and machining, engineering and fabrication workshops. The JV was responsible for the fabrication and construction of many of the original houses in Tabubil. In 1984, a sales branch was established in Mt. Hagen to service the tea, coffee, general agriculture, extended mining and exploration activities in the Highlands. With the success of the Mt. Hagen branch in the agricultural area, a branch was opened in Kimbe in 1987 to provide sales and service to the developing oil palm industry in the province. In 1990 a branch was opened in Rabaul, again to support the cocoa, copra and balsa industries. The volcanic eruptions in 1994 witnessed the decimation of the Rabaul township and the Bishops outlet. After some years, Bishops retuned to the province setting up an outlet in the now thriving Kokopo town. 1991 saw a second JV established, this time in the Porgera township. This outlet serviced the Porgera gold mine with a concentration on hydraulic services. This association lead to major contracts for supply of consumables to be supplied from Lae. In 1999, Bishops set up a sales outlet in Madang, the promise of mining developments was a catalyst for this operation. The final branch expansion came in 2006 when Bishops entered the Solomon Islands with an outlet in Honiara, unfortunately the Honiara branch was closed in 2022 due to ongoing internal tensions which lead to numerous security incursions on all business houses there. Bishops Today After a birth based around engineering and machining services, the thriving Bishops business today is the leading supplier of engineering, industrial, and safety products to PNG. General Manager Len Pianta, who has been with the company for over 25 years of the journey, has continued to drive the business with a strategy based on customer service, competitive pricing, quality products, stock in country, experienced staff, up to date technologies, and a substantial network of suppliers from around the globe. Presently Bishops operates six sales branches; Port Moresby, Lae, Mt. Hagen, Kimbe, Madang, Kokopo, and an Equipment Hire/Crane hire division. Industrial sales remain as the spine of the business. Photo: Port Moresby today Bishops stocks an extensive range of products and superior brands in PNG covering all industries. These product ranges include; safety clothing and footwear, safety equipment, materials handling, workshop, machinery and construction equipment, power and pneumatic tools, lubricants, sealants and chemicals, janitorial, general industrial products, hand and cutting tools, welding and abrasives, hydraulics, valves and hoses, fasteners, bearings and oil seals, power generation, and timber processing equipment. The brands include; Bosch, Stihl, Cigweld, Flexovit, Insectshield, Spanset, Warrior, Milwaukee, Puma, Enerpac, Alfagomma, Macnaught, Steel Blue, Howler, CRC, Penrite, Loctite and Wacker. Bishops has developed an import program and introduced many now well-known brands to the PNG market; King Tony hand tools, Bulldog boots, Hardman clothing, PPE Select and Wirra safety products, and Genpower generators. The business continues to develop this direct import program to offer PNG a range of quality products at competitive prices. Since inception, Bishops has always re-invested profits back into PNG, this has been through land, buildings, redevelopments, stocks and of course our people across the country. Bishops presently employs 300 staff across PNG and carries 50 million kina of products. Major redevelopments of Port Moresby, Lae, Mt. Hagen and Kimbe now reflect modern facilities with exponential storage capacities to service the major customers across the country. Photo: Mt Hagen today Bishops is proud to be associated with and service old and new, large and small clients alike; Exxon Mobile PNG, OTML, NBPOL, Simberi Gold, Kainantu Holdings, Porgera JV, Wood Group, Ramu Agri, Innovative Agro, Hides Gas, Curtain Bros, Associated Mills, Paradise Foods, Ela Motors, Monier, Anitua, Morobe Goldfields, PNG Motors, PNG Forest products, Total Energies and Guarddog to name a few. Bishops Future The future looks bright for Bishops and PNG. With several major projects ear marked to continue to develop and enhance the nation. Bishops will continue to grow and develop through the continued custom and support of our communities. Bishops will continue to support and grow our people, as we appreciate they play an integral part of continued business success.