BSP Financial Group Limited (BSP) and the Department of Finance have signed a Memorandum of Understanding (MoU) to allow the government to raise non-tax revenue through a digital payment solution. This is the first such MoU with any government agency, according to BSP Group CEO Robin Fleming. “These payment gateway modes would appropriately suit dif...

The gaming industry in Papua New Guinea has resumed regular operations, in full accordance with COVID-19. The decision was made following discussions with the National Gaming Control Board and the National Control Centre. Both Gaming Machine sites have reopened, and bookmaker sites will reopen next week. Imelda Agon, the NGCB's Acting CEO, praise...

The National Airports Corporation plans to devote more resources to the redevelopment projects at Kavieng, Tari, and Mendi airports as part of the Civil Aviation Growth Investment Program. With the exception of three airports, all airports under the CADIP program are on a budget, according to NAC acting managing director Rex Kiponge. Apart from Jack...

The government is putting a lot of effort into encouraging downstream production in the region. This was said by Prime Minister James Marape during a visit to Paradise Foods Company Limited. “We are focused on downstream processing as far as going forward is concerned –– instead of exporting raw products,” said Marape. “We want to go downstream to s...

Mayur Resources Ltd says it has formed an ongoing relationship with the State negotiation team to discuss and finalize a power purchase agreement (PPA) for its planned power plant in Lae, Morobe. The organization was waiting for the State negotiation team's makeup to be finalized and signed off, according to managing director Paul Mulder. After that...

Mayur Resources Ltd is nearing completion on the country's first iron and industrial sands project in Orokolo Bay, Gulf, with the Mineral Resources Authority (MRA) reviewing its mining lease proposal. Mayur Resource Ltd managing director Paul Mulder said the MRA had already received the company's K60 million project and evaluation proposal, which was s...

After the outbreak of the COVID-19 pandemic, the country's tourism industry has been in a state of emergency, with the number of visitors dropping dramatically. In response to questions, Melanesian Tourism Services Limited reported that the global COVID-19 pandemic has devastated the tourism sector throughout Papua New Guinea. “The tourism sector in...

With its foreign awards and recognitions, the Port Moresby Nature Park continues to place the country on the map. The Zoo and Aquarium Association of Australasia's (ZAA) biannual Gala Awards event has Nature Park as a finalist in three different award categories. The Zoo and Aquarium Association Awards are a recognition and appreciation of exception...

According to Paul Barker, executive director of the Institute of National Affairs, there are more optimistic economic signals in the wind right now. “Commitments with Barrick on Porgera, and with Total over Papua LNG will provide some boost to business confidence, and should see restoration and operations commence at Porgera during 2021 and restored pr...

According to an economist, improving benefit-sharing agreements for resource programs necessitates a thorough understanding of the future gains from those projects as well as the conditions offered in other countries. The government "owns the assets and is the regulator," according to Paul Barker, executive director of the Institute of National Affairs...

Kumul Petroleum Holdings Limited (KPHL) has secured a contract for an additional 7 per cent free carried equity in a historic deal with TOTAL SE. Papua New Guinea's national oil and gas corporation, reported an increase in its aggregate equity in potential joint exploration ventures with Total SE following talks in Paris last week to remobilize the Pap...

  New analysis lays out the scale of the mining industry’s energy use and identifies ways it can be reduced using currently available technologies Materials such as copper, lithium and nickel play an essential role in the technologies like electric vehicles and renewables that will help the world meet its decarbonisation targets As demand for th...

In its first quarterly Pacific economic and market (PEM) perspectives for 2021, BSP Financial Group Ltd forecasted 3.5 per cent economic growth for PNG this year. The bank estimated that the global economy will rise at a rate of 6% in 2020, up from a predicted -3.3 per cent in 2020 when the world was struck by the Covid-19 pandemic. The resumption o...

Deputy Prime Minister Sam Basil met with Total Chairman and CEO Patrick Pouyanné and discussed the Papua LNG project timetable as well as a potential investment in new petroleum prospecting licenses in Papua New Guinea. In a statement, Basil said, “Mr Pouyanné expressed his appreciation for the ongoing efforts by the Marape-Basil Government and confirm...

To put agriculture and fisheries into aviation, the Morobe Provincial Government has collaborated with the National Airports Corporation. The Morobe Provincial Government has been preparing for four years. In Port Moresby, the Morobe team headed by Governor Ginson Saonu signed the Agriculture and Fisheries Partnership via Aviation with NAC acting manag...

The Southern Highlands Province's Mendi Airport Redevelopment scheme has been placed on hold. The redevelopment of the airport, which was scheduled to be completed in October this year, has been placed on hold, according to NAC acting managing director Rex Kiponge, due to the contractor not having the right materials for the runway and a disagreement a...

The National Gaming Control Board is looking at casino tourism as a way to boost PNG's economy and tourism. Last week, the National Gaming Control Board met for the first time with newly selected board members after almost two years. Members of the corporate chamber, women's council, churches, and non-executive directors from the Departments of Fina...

The PNG Kina is expected to continue falling against the US dollar. The Kina traded steady in the first quarter of 2021, according to the BSP's Pacific and Economic Market Insight survey, thus depreciating 2.4 per cent year on year against the US dollar, from 0.2920 to 0.2850. Rohan George, BSP Group General Manager – Treasury, said, “The US Dollar ...

The Market Conditions Survey showed that company morale is high, with 70% of businesses have continued operations in the fourth quarter of 2020. Businesses continue to face challenges due to lower consumption and market demand. According to the Corporate Council of PNG Market Conditions Survey, businesses have seen a steady turnaround between the fi...

Sam Basil, the Deputy Prime Minister and Minister for Commerce and Finance, is in Paris this week for trade negotiations with Franck Riester, the French Minister Delegate to the Minister for Europe and Foreign Affairs. The two ministers met to discuss ways to improve PNG-France economic relations. Both ministers want to see more coordination in new ...

Puma Energy, a fuel and energy provider, has pointed out that the aviation industry has been struck the hardest. Puma Energy country manager Hulala Tokome mentioned that Puma supplies 100% of the country's jet fuel needs, demand remains poor, which is in line with a global downturn in travel that has also affected this country. He said that while mo...

After a one-year delay due to COVID-19, Total aims to make a final investment decision on the proposed two-train 5.6 million mt/year volume Papua LNG project in Papua New Guinea in 2023. Papua LNG, which will use gas from the Elk and Antelope gas fields, will begin front-end engineering and design (FEED) in early 2022, according to Total. "I confirm...

The Pasca A offshore oil and gas project in Gulf faces further delay to its start-up which is now expected in 2025, says developer Twinza Oil Ltd. The project will continue to be postponed until a deal is signed, according to Roppe Uyassi, who added that the project's delay would likely be compounded by the project team's departure.  “This is really...

COVID-19 has spread throughout the country, and Prime Minister James Marape has launched a national drive to stop it. The national vaccination rollout's slogan is "Sleeves Up Be A Vaccine Champion” which emphasizes the importance of rolling up your sleeves and getting vaccinated. On May 5, the second round of vaccinations began. Marape was joined by...