Search Results: 2022

Following the Independent Consumer and Competition Commission's decision to reject Kina Bank's bid to buy Westpac's interest in Westpac PNG Limited, Kina Bamk would no longer explore the Westpac purchase deal. According to Kina Bank CEO Greg Pawson, this is the case. Mr Pawson explained that one of the factors that made it difficult for Kina Bank in...

Photo credit: Loop PNG Bougainville communities will benefit from a new K10 million grant to help 25 Bougainville cocoa cooperatives under the Bougainville Partnership Commodity Support Facility (CSF). The money provided to the Takuina Women's Business Group, according to Noelyn Lasua of the Takuina Women's Business Group, would yield positive outco...

Hon. Prime Minister James Marape has announced the payment of K33.7 million to upstream PNG LNG Project landowners of Petroleum Development License (PDL) 7 in Hela, consisting of K19.7 million in cash and K14 million in project component. The Mineral Resources Development Company was used to make the payment (MRDC). PDL 7 was one of a series of upst...

Photo credit: Christine Gneh According to a new World Bank estimate, Papua New Guinea's GDP is expected to increase by 4% in 2022, owing mostly to expansion in the extractives industry. The research, PNG Economic Update: Navigating a Fragile Recovery, examined major recent changes in PNG's economy and placed them in a longer-term and global perspect...

Photo credit: Tourism Promotion Authority According to the PNG Tourism Promotion Authority, Papua New Guinea will soon be promoted as a tourist destination in the Gulf and Middle East areas (TPA). This comes after TPA and Across Borders Travel, a Dubai-based marketing and representation organization, signed a memorandum of agreement (MoU) in Dubai, ...

The PNG Forestry Authority has struck a deal with Total Energies to build 10,000 hectares of industrial forest in the Varagadi district of Central Province. Within 20 years, the initiative aims to convert 800,000 hectares of main grasslands in PNG into industrial forest plantations. Goodwill Amos, director of the PNG Forest Research Institute, said ...

A Premier industry event for Australia and Papua New Guinea The 2022 PNG Industrial & Mining Resources Exhibition will showcase over 100 local, national and international manufacturers and suppliers with the latest innovations in the supply of services and equipment for the industrial, mining and oil & gas sectors.  The two-day exhibition is th...

Photo: CEFI and key stakeholders pose for a group photo after the meeting The Centre for Excellence in Financial Inclusion (CEFI) is partnering with key stakeholders and government agencies to drive the plan for Green Finance in Papua New Guinea (PNG). On February 23 the Inclusive Green Finance Policy (IGFP) Project Technical Working Group (TWG) hel...

The Independent Consumer and Competition Commission has begun the process of rescinding its recent authorization determination for the Link PNG and PNG Air codeshare agreement. The authorization was given with specific requirements for Link PNG and PNG Air to meet before it becomes operational, according to ICCC Commissioner and Chief Executive Officer...

As the new National Energy Authority (NEA) develops from strength to strength within a year of its inception, structural changes to boost energy output and tap into Papua New Guinea's alternative power-generation sources continue. Hon. Saki Soloma gave the country an update on the NEA's work since its two enabling legislation, the National Energy Act 2...

Photo: Vision City Branch, Kina Bank, Papua New Guinea Kina Securities Ltd (KSL) reported a net profit of K96.2 million for the 2021 financial year, up 27% from the previous year's statutory net profit of K70.8 million. One-time expenditures linked with the termination of the Westpac purchase, according to the bank, harmed the statutory results. ...

For development on the Rouna 3 hydropower project in Central, the Japanese government has awarded a K15.6 million grant. Soroi Eoe, the Minister of Foreign Affairs and International Trade, thanked Japanese Ambassador Nobuyuki Watanabe for the money in Port Moresby. The K15.6 million donation, according to Ambassador Watanabe, was authorized by the J...

Tokua Airport in East New Britain has received a K9.2 million grant from the Japanese government (ENB). Soroi Eoe, the Minister of Foreign Affairs and International Trade, praised Japanese Ambassador Nobuyuki Watanabe for his aid in Port Moresby. A K15.6 million grant from the Japanese government was also offered for development on the Rouna 3 hydro...

Steamships Trading Company Ltd, based in Port Moresby, has declared an improved financial performance for 2021. “On the back of a strong performance in the hospitality division and a continued recovery in the shipping division, revenue increased 11 per cent to K564 million on a continuing basis and the underlying profit attributable to shareholders ros...

Ango Wangatau, head of the National Fisheries Authority, said at the two-day National Tuna Fishing Sector consultation that inclusive government and private partnership investment is needed to strengthen the fisheries industry. In his keynote talk, Mr Wangatau stated that the key to growing and increasing demand in the fishing industry is to be inclusi...

Photo: The Trio® TC84XR cone crusher Pebbles contain valuable ore but without a crusher capable of processing them, pebbles can end up discarded or stockpiled. Weir Minerals has developed the Trio® TC84XR cone crusher – specifically engineered to perform in the most challenging applications, including pebble crushing. Pebble crushing is one of the t...

Photo: The PNG Cultural group after their performance at the Earth Stage at the Dubai World Expo. The Papua New Guinea traditional costumes and dances supported by PNG International reggae sensation Anslom Nakikus brought out the PNG colours and vibes at the Earth Stage in the Dubai world expo on Monday night. The event kick started the PNG week org...

Photo: (Left) Minister for Agriculture and Livestock Honorable John Simon and Minister for Tourism Arts and Culture Honorable Isi Henry Leonard (right) with the Secretary General and Chairman of the UAE Chamber of Commerce and Industry His Excellency Humaid Ben Salem who officiated at the second part or the Roundtable Discussion on Education, Science and ...