Search Results: 2022

Photo: Lae Facility In the challenging business landscape of Papua New Guinea, Pacific Industries Ltd has risen to prominence as a leading food and beverage manufacturer and distributor. Throughout its 70 years and three-generation history, the company has demonstrated resilience and adaptability, with recent strategic investments and expansions illust...

Papua New Guinea was amongst seven other Pacific Island countries to sign a partnership statement of intent with the Republic of Korea to further cooperation and partnership in digital transformation. Information and Communications Technology Minister Timothy Masiu, who also was appointed co- chair of the just concluded Korea -Pacific Islands Digital M...

Recently, the European Union Delegation in Papua New Guinea was delighted to have Prime Minister James Marape deliver a speech during the Europe Day reception on the 9th of May 2023 at the Lamana Hotel in Port Moresby. Ambassador Jacques Fradin, the Head of the EU Delegation to Papua New Guinea, stated in his speech: "Papua New Guinea continues to be a...

The advantages of having a second Liquefied Natural Gas (LNG) project in a country like Papua New Guinea is important and strategic in that the people are attached to the land, and they want to feel they are part of the extraction of resources and wealth -- and they can only do that through the development of their customary land. The focus has shifted...

Photo: Professor Stephen Howes. Credit: Australia National University Papua New Guinea is grappling with a foreign exchange shortage, resulting in higher imports and lower exports, according to economist Professor Stephen Howes from the Australia National University (ANU) Development Policy Centre. Speaking at the 38th Australia-PNG Business Forum and ...

Photo credit: Australia Papua New Guinea Business Council Hon. Richard Maru, Minister for International Trade and Investment, in his keynote address on the 16th of May at the 38th PNG-Australia Business Forum and Trade Expo at Hilton Hotel Port Moresby, said Papua New Guinea's trade was always in favor towards Australia. “For the last 47 years, trad...

Photo: (L-R) President Anthony Smaré – PNG Chamber of Mines and Petroleum, Paul Hueper – Director of Energy and Mineral Programs for the Bureau of Energy Resources, US Department of State with his colleagues on the right, and MRA’s Managing Director Jerry Garry (centre) at the Prospectors & Developers Association of Canada (PDAC) in Toronto, Canada ea...

Geopolitics in the Indo-Pacific region Looking at the Indo-Pacific region, observers came to realise that creating ties to it was quite a significant bilateral topic for developed democracies before Russia invaded Ukraine. Suddenly, these global economies shifted preferences and drew all their attention back to Europe. Within this period when concen...

Photo credit: Post Courier  The National Trade Office (NTO) has recently unveiled Papua New Guinea's inaugural National Trade Portal and the Export Readiness Assessment Guidebook, which have garnered significant praise as vital resources for accessing trade information. These initiatives aim to provide small and medium enterprises (SMEs), traders, and ...

Photo: PM Marape meeting with the Korean delegation on Friday.-PM’s Office Media Prime Minister and Acting Foreign Affairs Minister Hon. James Marape says relations between Republic of Korea and Papua New Guinea are “very important”. He said this was exemplified by trade between the two countries worth worth US$1.8 billion (K6.33 billion) in 2022, a...

PNGX, Papua New Guinea’s national stock exchange, will adopt new Listing Rules from 3 July 2023. The new Listing Rules are a key step towards the development of a more effective secondary market in Papua New Guinea. They contribute to ensuring that PNG has a world class capital market that is internationally respected and recognized. PNGX’s Listing ...

PNGX, Papua New Guinea’s national stock exchange, will move to faster settlement of trading from 3 July 2023. PNGX’s Business Rules, which govern the trading and settlement of all trades on the market by stockbrokers, will be amended to require settlement on the second day after a trade (T+2), which is faster than the current 3 days (T+3). The propo...

Photo: BSP Group General Manager for Corporate Banking Peter Beswick “Business sentiment is robust following the announcement of the Papua LNG project reaching the front-end engineering and design (FEED) phase and Porgera’s resumption progress announced by Barrick CEO in early April,” according to the BSP Quarter 1 2023 Economic Insight report. BSP’...

Photo: BSP Group General Manager Treasury Rohan George  “Lower commodity prices and the delay in Porgera’s resumption is expected to prolong distress in PNG’s foreign exchange market,” according to the BSP Quarter 1 2023 Economic Insight report. BSP’s Group General Manager for Treasury, Mr. Rohan George said “FX market turnover in the March Quarter ...

Santos refers to its announcement of 27 September 2022 regarding the binding conditional offer from Kumul Petroleum Holdings Limited (Kumul) to acquire a five per cent interest in PNG LNG for asset value of US$1.4 billion, including a proportionate share of PNG LNG project finance debt of approximately US$0.3 billion (the Offer). On 23 December 2022, Kumu...

Photo credit: AG Energy Limited Project to Provide Resilience to Port Moresby's Energy Grid Power is considered as the major backbone for all nations throughout the world including PNG on the basis of which the development of the country depends. Within this context, Energy has become an essential element in man's efforts to meet basic human needs, ...

Photo credit: AG Energy Limited At the recent launch of the Edevu Hydropower Development, Chinese Ambassador to PNG, Zeng Fanhua, expressed that Prime Minister James Marape has expressed his hope to attract more Chinese enterprises to invest in PNG, which China actively supports to contribute to PNG’s economic development. The ambassador also stated th...

Photo: Minister for Mining Hon Ano Pala (right) awarding the certificate of long service to Mr. Carter Oiee (left) while acting MD Mr. Jerry Garry looks on (back)The Mineral Resources Authority (MRA) on Friday April 14th, celebrated its 15 years of operations in Port Moresby.  The occasion was graced by the presence of the Prime Minister Honourable Jam...