Search Results: 2022

According to PNG Power Ltd, more than K700 million in power investment has been committed for the remainder of 2021 and next year, with further projects to be announced. About ten projects will begin under the PNG electrification partnership, according to PNG Power's director of project delivery Eric Alom, who spoke at a PNG Business Council conference...

According to Tourism Promotion Authority (TPA) chief executive officer Eric Mossman Uvovo, the tourism industry has lost roughly K500 million as a result of the Coronavirus (Covid-19). “PNG recorded an 82 per cent drop – 170,000 fewer arrivals compared to the 200,000 arrivals of international travellers in 2019,” Uvovo told a tourism convention yesterd...

According to Mayur Industrials chief operating officer Trent Alexander, construction on the Central Cement and Lime (CCL) project will begin in the first half of next year. Mayur Industries is a Mayur Resources Ltd subsidiary. The first phase of the project, a 2 Kiln Quick/Hydrated lime factory, cost around K300 million, according to Alexander. A...

Nine members of the PNG delegation to the Dubai Expo, led by deputy commissioner Jacinta Manua, have already departed the country. They will erect the Papua New Guinea pavilion. “This is an important exercise which will go right throughout the world,” Manua said. “We have been preparing for over a year or so and are now ready for Dubai.” Forei...

Retail internet rates would be decreased by around 50% by the end of next year, according to Dataco PNG Ltd chief executive officer Paul Komboi. Wholesale prices had already been slashed by nearly 40%, he said at an investment conference. However, due to market competition, it was not cut at the retail level. “I hope in 2022, we will see at least...

Prime Minister Hon. James Marape has outlined the six major resource projects his Government is focused on. They are the Papua LNG Project, New Porgera Mine, Wafi-Golpu Mine, P’nyang LNG, Pasca LNG and Pandora LNG. PM Marape announced this today when responding to the Ministerial Statement by Treasurer Hon. Ian Ling-Stuckey on the ‘2020 Final Budget...

According to Steamships Trading Company Ltd, the national economy would rebound later this year and beyond 2022. In its half-year report for the fiscal year 2021, the corporation indicated that recent government announcements on key resource development projects were encouraging. The group's Coral Sea Hotels had a strong start to the year, aided by ...

Oil Search today announced a strong half year result for the period ended 30 June 2021, posting a net profit after tax (NPAT) of US$139.0m and the highest free cashflow since the 2018 PNG earthquake. The Board declared an interim dividend of US3.3 cents per share, representing a payout of 49% of NPAT, in line with Oil Search’s dividend policy. “Our hal...

The US$12 billion (K41.28 billion) Papua LNG project is on track, according to Petroleum Minister Kerenga Kua. Pre-feed (front end engineering design) work has already begun, Kua informed Parliament. The real feed will begin at the end of this year and last until 2022. In 2023, there will be a Fid (final investment decision) and a building phase....

The Tolukuma Gold Mine in the Central Province has a new interested applicant: Lole Mining Limited, a local mining firm. This came after a previous agreement with Tolukuma Corporation Limited fell through owing to COVID-19. Tolukuma Corporation Limited had previously agreed that the investor will spend K50 million on mine rehabilitation and environm...

Photo Credit: ADB Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. After...

According to BSP Financial Group Limited (BSP), Papua New Guinea's GDP would increase by 4.2 per cent next year as the country recovers from a pandemic-induced slump. “Economic growth is anticipated to rise to 4.2 per cent in 2022 as PNG's economy continues to recover from a pandemic-induced recession in 2020,” according to the bank's Pacific Economic ...

Flat pack building specialist Ark Pacific is further expanding its business in Papua New Guinea while simultaneously exploring opportunities in both Africa and Indonesia.  The company’s growth and international business development initiatives are on the back of 10+ years’ project delivery in Papua New Guinea, primarily in the resources sector. The fir...

Following negotiations last week between the State and developer Twinza Oil Ltd, Pasca Ain the Gulf is likely to get underway shortly. Petrol Minister Kerenga Kua characterized the agreement between the State Negotiating Team (SNT) and Twinza as "by far the greatest" in terms of developing the country's petroleum resources. “We delivered an agreemen...

Photo Credit: Department of Prime Minister & National Executive Council Prime Minister Hon. James Marape, MP, has officially opened the K66 million Bulolo Highway restoration project in Morobe Province. The Bulolo Highway, according to PM Marape, is a major route that will benefit the people of Bulolo and the Morobe Province because it is home t...

Photo Credit: Twinza Oil Limited Twinza Oil is optimistic about the planned Pasca project's conditions. Roppe Uyassi, the country manager, stated that the terms had satisfied the required Government take, which was validated by Deloitte. Prime Minister James Marape wants the project deal finalized this month as well. Twinza is optimistic about...

Twinza notes the comments regarding the Pasca A Gas Agreement made by the Petroleum Minister, the Hon. Kerenga Kua, in a media release of 25th May 2021. Twinza is currently awaiting a response from the Petroleum Minister as to whether the terms offered to the State, and outlined most recently in the Twinza media release of 19th April 2021 are acceptabl...

Photo Credit: Oxford Business Group   According to ANZ PNG managing director Mark Baker, the country's long-term survival rests on diversifying its economic base to allow agriculture and manufacturing to thrive. Baker stated that it will need increased investment in infrastructure, particularly roads and power. “The source of that significant ...