To recognise the efforts of the company to provide employment, workforce development, and business opportunities, the PNG LNG project’s best national content contribution of the Year award went to the Hides Gas Development Company Ltd energy services. According to ExxonMobil PNG Ltd’s national content manager Sisa Kini, “We are proud of HGDC Energy Servic...

The round log export tax was a failed policy.According to Forestry Industry Association president Bob Tate, the current tax regime (50.2 per cent) had affected businesses which resulted in a decline of US$83 million (K288.42mil) from January to November in 2020.In 2020, royalty payment to landowners also saw a decline of K16 million because of the decreas...

Compared with the revenue of K2.86 billion generated yearly, state-owned entities (SOEs) are valued at around K10 billion.According to Isikeli Taureka, the managing director of Kumul Consolidated Holdings Ltd, this amount shows that SOEs are not doing well in coming up with revenues. “Our value of the portfolio is K4.4 billion and in terms of dividends la...

To bring capital into the business, PNG Power Limited, along with Kumul Consolidated Holdings and other shareholders, are reviewing all their options. Managing director Flagon Bekker said that this will be based on the cost of capital and getting the best deals available.“It will allow the broadening and deepening of the PNG financial sector, showing that...

If properly developed, the energy sector of Papua New Guinea is worth around US$1.2 billion (K4.2bil). According to the outgoing Energy Minister William Onglo, some countries are dependent on wind for power generation while others for thermal and some, for water. “I’ve seen that its potential is too huge and this industry can be a US$1.2 billion ind...

International Operations Manager, Captain Marcelo Santini, brings with him 35+ years maritime experience from South America including valuable oil and gas expertise.Pacific Towing – the Marine Services division of Steamships Limited – has added an International Operations Manager to its team. Captain Marcelo Santini will help ‘PacTow’ take advantage of in...

Jeremy Norton has been appointed the chief operating officer for the Capital Insurance Group (CIG) of companies.According to group chairman Michael Koisen, Norton had a strong background and expertise with more than 20 years in the industry and has extensive knowledge in both life and general insurance overseas and locally. Previously, Norton had worked a...

To work out outstanding issues with government payments, the Budget Management Committee (BMC) met with department heads, the Bank of PNG Governor, Loi Bakani, and BSP CEO, Robin Fleming.The BMC is composed of Chairman and Treasurer, Ian Ling-Stuckey, Finance Minister John Pundari, Planning Minister Rainbo Paita and his Vice Minister, Dr Kobby Bomareo.Lin...

Papua New Guinea may likely export rice in the future. That is if this industry can gain support. According to the Department of Agriculture and Livestock (DAL) rice extension unit programme manager Heai Hoko, only Trukai Industries has been exporting rice to Vanuatu and the Solomon Islands presently. He added that PNG rice had the potential to export to...

The recent power outages have impacted trade and increased the cost of doing business, especially with refuelling and servicing generators. This was according to Brian Bell group chief executive officer Cameron Mackellar, who added that his company had strong back-up plans across the country despite the frequent power outages - which was not good, he said...

Puma Energy (PNG) Ltd expects that fuel prices will increase as demands for ground fuels also increase. This is in line with economic recovery. According to the Country manager and director Hulala Tokome, this will have an effect locally compared to during the COVID pandemic. “In general, prices are moving up and expected to continue to move up which will...

According to Mining Minister Johnson Tuke, the Wafi-Golpu mining project is set to be licensed by end of July or August this year, adding that this project will take off by 2nd quarter of 2021. He noted that there is already a framework agreement and there is no best time for the license to be granted than that of July or August of this year. “I am very s...

Mohammed Azlan Shah has replaced Jamie Graham as the new chief executive officer of New Britain Palm Oil Ltd group. (NBPOL)Appointed by the parent company Sime Darby Plantation (SDP) to oversee operations in the Solomon Island and PNG, Shah has more than 33 years in the industry and has started out as a plantation executive and general manager for Aceh &a...

Before Twinza Oil Limited moves forward with the Front End Engineering and Design (FEED) stage, the firm is awaiting the formal approval of the Pasca A Gas Project Agreement by the National Executive Council.The agreement was finalised last year and now awaits presentation by the Petroleum Minister, Kerenga Kua to the National Executive Council. Once ap...

The COVID 19 pandemic has not only impacted local and international travel, but has grave impacts on livelihood, unemployment, and international labour mobility.A new World Bank report, Pacific Island Countries in the era of COVID 19: Macroeconomic impacts and job prospects, shows how the Pacific may take advantage of a changing environment, as well as o...

In spite of the challenges in 2020, OK Tedi Mining Ltd (OTML) said it predicts a profit of US$200 million (K700.40mil) for 2020. This is an unaudited number, and the firm hopes to release the full-year report for 2020 later this year. “OTML expects a profit after tax of more than US$200 million (unaudited) for 2020 despite the challenges of the Covid-19 p...

The Independent Consumer and Competition Commission (ICCC) has recently announced that the Paradise Company Limited can now acquire shares in Hugo Canning Company Limited. “This essentially means that, in its considerations of likely negative effects this acquisition may have on competition, the ICCC did not find any serious concerns,” stated the consumer...

To generate income, the Department of Agriculture and Livestock (DAL) has plans to develop rice farming into a corporate entity.According to the programme manager for the department’s rice extension unit Steven Hoko, rice at present is only a programme in the department. He said that the plan involved creating a rice board with its own corporate entity to...

K92 Mining expects another significant, year-over-year, increase in gold equivalent production of 16-36% to 115,000 to 135,000 ounces, while also delivering low-cost production, with an estimated cash cost of $515-$565 per ounce gold and all-in sustaining cost of $825-$875 per ounce gold. Additionally, the Company plans to ramp-up exploration activities a...

ExxonMobil has named Peter Larden, current president of ExxonMobil Canada Limited, to serve as managing director of ExxonMobil Papua New Guinea (PNG) Limited. Current managing director Andrew Barry will serve in a new position as vice president of Global LNG Marketing for ExxonMobil in Singapore, with responsibility for LNG marketing activities around the...

The production of K92 Mining for the last quarter of 2020 at its Kainantu gold mine in Papua New Guinea were as follows: 29,820 oz AuEq or 28,809 ounces of gold, 493,584 pounds of copper and 10,395 ounces of silver.The firm has also said that it represented a year-over-year production growth of 20% - with the record of 98,872 oz AuEq or 95,109 oz gold, 36...

Geopacific Resources Ltd has said that it needs all the necessary permits and approvals before it can start its operations. Geopacific Resources Ltd, the operator of the Woodlark gold project in Milne Bay, said that it has already obtained key approvals for the development, but it needed to secure all approvals, licences, or permits. “Even if an apparentl...

If production increases from 4,500 tonnes to 10,000 tonnes a year, Morobe may likely net K100 million a year. According to the Cocoa Board of Papua New Guinea (CBPNG) chief executive officer Boto Gaupu, the profit of the province may increase if the tonnage is increased too. “Morobe used to produce about 800 tonnes of cocoa in a year but over the last fiv...

According to Bank South Pacific group chief executive officer Robin Fleming, the key priority this year is to have a new banking system in Papua New Guinea and Vanuatu.He also added that they will be introducing a new payments platform so that clients can access payments through the internet. Another is to have an active promotion of school fee payments t...