To set out how benefits from the PNG LNG project will be divided between two provincial governments, Papua New Guinea's Governors Hon. Philip Undialu (Hela province) and Hon. William Powi (Southern Highlands province) have recently signed a Memorandum of Agreement.  In 2009, benefits from the PNG LNG Project to the provincial government and landowners ...

By the end of the month, a technical team from the Papua New Guinea technical (PNG) Mineral Resources Authority (MRA) will soon be tabling an assessment on the details regarding the construction of the Wafi-Golpu Mining project to the mining advisory council (MAC) According to MRA managing director Jerry Garry, “Permitting of a special mining lease for...

The government has so far put in K19 million for cost support to cocoa. According to Agriculture and Livestock Minister John Simon, the high-quality cocoa needed to be produced for the price to stay at K3 per kg. He added that last year, it was K10million and this year, K9 million as an incentive to growers to increase production.  He said that what...

In support of the 2021 budgets and to boost the pandemic response, the government has secured a K1 billion loan from the Japan International Cooperation Agency (Jica). The funds will be used to support regional health centres. Jica will disburse about K988 million to help the national budget with an interest rate of 0.1 per cent per annual and four-yea...

The signing of a Memorandum of Understanding (MOU) between the Livestock Development Corporation (LDC), ENB Provincial Government and the Rabaul District Investment Corporation Ltd at Kurakakaul has pledged the government K1 million towards setting up the Kurakakaul abattoir and ranch rehabilitation project in Rabaul, East New Britain. Agriculture and ...

The grants coursed through the Bougainville partnership commodity support facility will benefit cocoa farmers and women. An initiative of the Autonomous Bougainville Government supported by Australia through the PNG-Australia partnership, and the New Zealand government, the grants range between K300,000 and K500,000 benefitting.  Some of those selec...

The Singapore company exploring sand mining opportunities in Madang in Papua New Guinea has withdrawn its interests.  According to the Mineral Resources Authority (MRA) Jerry Garry, the company had told them of its intention to pull out.  “The (mining advisory) council has not deliberated on the withdrawal application,” he said. “As and when it’s re...

The Australia Papua New Guinea Business Council and the Business Council of Papua New Guinea are pleased to be re-launching the 36th Australia Papua New Guinea Business Forum and Trade Expo, which was deferred from 2020 to 24 to 26 May 2021. For the first time ever, this event will be held concurrently in Brisbane (at the Royal International Convention Ce...

The increase of oil prices above US$60 (K207.90) has made Papua New Guinea’s Mineral Resources Development Company satisfied. According to the company's managing director Augustine Mano, the average oil price last year was at “historical lows”.   “This year is better than last year given the oil price is above US$60,” he said. “Last year, the oil pr...

As a need under the EITI 2019 global practice standard, the Papua New Guinea Extractive Industries Transparency Initiative (PNGEITI) has published its first Beneficial Ownership (BO) Report. Head of PNGEITI National Secretariat Lucas Alkan said that this has already been published on its website last December 2020. “All EITI implementing countries includi...

Falling export earnings have impacted the external sector of Papua New Guinea. But surging gold prices and import compression contained the damage. According to the World Bank PNG’s economic update titled “Dealing with a triple crisis”, the current account surplus broadened in the first half of 2020, which increased by 14 per cent. This was supported by a...

There will be confidence in the PNG economy in 2021.According to Bank South Pacific Group Chief Executive Officer Robin Fleming, this was attributed to the resource sector with several major projects in the pipeline - such as the Fiscal Stability Agreement signed between the Government and Total and Joint Venture Partners of the Papua LNG Project. This al...

Bank South Pacific (BSP) Group expects its financial results to be no less than last year’s.This was according to BSP chief executive officer Robin Fleming, who said that the year started off well for the bank. Ending December 31, 2020, the bank made a net profit of K806.2 million, a 9.5 per cent decrease compared to K890 million in 2019. The decrease was...

The Morobe government has recently passed its budget worth K662,675,000.Morobe Governor and finance chairman Ginson Saonu said that this budget is for developmental and rural growth, adding that the budget had K204,026,700 from internal revenue and K458,648,300 from the national grants.“The 2021 internal revenue total estimate is increased by 10 per cent,...

In order to achieve full radio, television and internet coverage, the Ministry of Information and Communication Technology plans to help the Autonomous Bougainville Government through improved tower infrastructure and fibre connectivity. In a statement, ICT Minister Timothy Masiu plans to seek cabinet approval to roll out these programs. He said that his ...

The Internal Revenue Commission has signed a Memorandum of Understanding with the Gulf Province in Port Moresby. IRC Commissioner-General Sam Koim said that they have also forged similar partnerships with other provinces except for Hela, Southern Highlands, and Gulf and that this partnership is very timely because they will also be forming relationships w...

The Global Sustainable Seafood Initiative (GSSI) has welcomed the country’s Fishing Industry Association (FIA) as a funding partner. According to Fishing Industry Association (PNG) president and chairman Sylvester Pokajam, this partnership was an achievement for them to improve and to raise their commitment to the conservation of the ecosystem and to prot...

To address the problems of electric supply in the region, PNG Power Limited has focused its efforts on addressing key issues in the country. According to Managing Director Flaggon Bekker, the organisation was split into two - corporate and execution - to see how to solve these problems. “With the split in the organisation, there are no-cost implicat...

Papua New Guinea has lost a great man. Grand Chief Sir Michael Thomas Somare, the man who led the country to independence in September 1975, died of pancreatic cancer at the Pacific International Hospital in the country’s capital. He was 84 years old. The national government has urged all flags to lower at half-mast to honour the great man.In a statement,...

With international borders shut down to contain the virus, PNG experienced a downfall in international travellers from January to June last year - 32,805 as compared with 75,556 of the same period n 2019, a drop of 57 per cent. In addition, tourism-related businesses and enterprises suffered major losses, and there is a dearth of tourists visiting shoppin...

The major cause of the lack of foreign exchange is trade imbalance.According to Acting Chief Trade Officer Richard Yakam, import service are costing the economy about K5 billion and that the constant increase and leakage in the economy is causing an imbalance in trade. “This leakage in the economy has resulted in the forex issue that means more currencies...

Crucial reforms have to be made so that the tourism industry can move forward.According to Minister for Tourism, Arts and Culture Isi Leonard, they need to ensure that the environment for the tourism industry is significant to these changing times. He added that the enforcement of standards will add value to competitive advantage as a destination to ensur...

The Wafi-Golpu landowners have finally voiced out their support to the National Government on the environmental permit given to mine developers. The five associations chairmen - Victor Geactuluc (Yanta Development Association), John Nema (Hengambu Landowner Association), Jack Raban (Babuaf Development Corporation) of the Special Mining Lease (SML) area in...

In the last two years, PNG exports to China Have risen over K13 billion.According to Deputy Prime Minister Sam Basil, “It is public knowledge that PNG exports to China have grown from K11.829 billion in 2018 to K13.185 billion in 2020.”He added that the dominant exports were from the liquefied natural gas (LNG) industry. “The three leading recipients of o...