Photo: CEFI and key stakeholders pose for a group photo after the meeting The Centre for Excellence in Financial Inclusion (CEFI) is partnering with key stakeholders and government agencies to drive the plan for Green Finance in Papua New Guinea (PNG). On February 23 the Inclusive Green Finance Policy (IGFP) Project Technical Working Group (TWG) hel...

The Independent Consumer and Competition Commission has begun the process of rescinding its recent authorization determination for the Link PNG and PNG Air codeshare agreement. The authorization was given with specific requirements for Link PNG and PNG Air to meet before it becomes operational, according to ICCC Commissioner and Chief Executive Officer...

As the new National Energy Authority (NEA) develops from strength to strength within a year of its inception, structural changes to boost energy output and tap into Papua New Guinea's alternative power-generation sources continue. Hon. Saki Soloma gave the country an update on the NEA's work since its two enabling legislation, the National Energy Act 2...

Photo: Vision City Branch, Kina Bank, Papua New Guinea Kina Securities Ltd (KSL) reported a net profit of K96.2 million for the 2021 financial year, up 27% from the previous year's statutory net profit of K70.8 million. One-time expenditures linked with the termination of the Westpac purchase, according to the bank, harmed the statutory results. ...

For development on the Rouna 3 hydropower project in Central, the Japanese government has awarded a K15.6 million grant. Soroi Eoe, the Minister of Foreign Affairs and International Trade, thanked Japanese Ambassador Nobuyuki Watanabe for the money in Port Moresby. The K15.6 million donation, according to Ambassador Watanabe, was authorized by the J...

Tokua Airport in East New Britain has received a K9.2 million grant from the Japanese government (ENB). Soroi Eoe, the Minister of Foreign Affairs and International Trade, praised Japanese Ambassador Nobuyuki Watanabe for his aid in Port Moresby. A K15.6 million grant from the Japanese government was also offered for development on the Rouna 3 hydro...

Steamships Trading Company Ltd, based in Port Moresby, has declared an improved financial performance for 2021. “On the back of a strong performance in the hospitality division and a continued recovery in the shipping division, revenue increased 11 per cent to K564 million on a continuing basis and the underlying profit attributable to shareholders ros...

Ango Wangatau, head of the National Fisheries Authority, said at the two-day National Tuna Fishing Sector consultation that inclusive government and private partnership investment is needed to strengthen the fisheries industry. In his keynote talk, Mr Wangatau stated that the key to growing and increasing demand in the fishing industry is to be inclusi...

Photo: The PNG Cultural group preparing for their performance at the Al Wasl Dome's stage of nations Papua New Guinea celebrated its national day at the world expo with cultural performances and the raising of the flag at the Al Wasl dome’s stage of nations. Deputy Prime Minister Honorable Sam Basil, MP officiated at the event alongside His Excellen...

Photo: The Trio® TC84XR cone crusher Pebbles contain valuable ore but without a crusher capable of processing them, pebbles can end up discarded or stockpiled. Weir Minerals has developed the Trio® TC84XR cone crusher – specifically engineered to perform in the most challenging applications, including pebble crushing. Pebble crushing is one of the t...

Photo: The PNG Cultural group after their performance at the Earth Stage at the Dubai World Expo. The Papua New Guinea traditional costumes and dances supported by PNG International reggae sensation Anslom Nakikus brought out the PNG colours and vibes at the Earth Stage in the Dubai world expo on Monday night. The event kick started the PNG week org...

Photo: Papua New Guinea Agriculture Minister John Simon during the Investment Forum held at the Almas Conference Center, Almas Tower, Dubai, UAE Papua New Guinea has the potential to become the meat bowl or supplier of quality beef meat to the world if we had international “friends” partnering with government and existing industry players to invest in ...

Photo: (Left) Minister for Agriculture and Livestock Honorable John Simon and Minister for Tourism Arts and Culture Honorable Isi Henry Leonard (right) with the Secretary General and Chairman of the UAE Chamber of Commerce and Industry His Excellency Humaid Ben Salem who officiated at the second part or the Roundtable Discussion on Education, Science and ...

Landowners in Warangoi, Pomio, East New Britain, have been informed that they would be paid K5 million for the use of their land and water for the Warangoi Hydro Power Project by James Marape. In Parliament, he provided this guarantee to Pomio MP, Hon. Elias Kapavore, who had inquired about the payment schedule. PM Marape promised landowners that th...

According to James Marape, his government has made lending facilities available to SMEs through Bank South Pacific (BSP) and the National Development Bank (NDB). He said that the projected Credit Guarantee Corporation of PNG has yet to be established as a result of this. In Parliament, PM Marape stated this in response to a question from Yangoru-Sau...

Mineral Resources Authority (MRA) executive director Jerry Garry says the state is hoping that agreements for the US$5.4 billion (K18.5 billion) Wafi-Golpu mining project in Morobe would be finalized in the first quarter of this year. He stated the State Negotiation Team (SNT) was working on a mining development agreement, and that many of the terms in...

The $US12 billion Total-led Papua LNG Project will begin front-end engineering and design in June 2022. Total Energies Senior Vice President Asia Pacific Julien Pouget verified this, who stated that the business is dedicated to seeing that the project is completed, adding that the PNG Total Energies team, led by managing director Jean-Marc Noiray, is o...

Photo credit: gparchitect BSP Financial Group Limited (BSP) recently announced a net profit after tax of K1.075b for the financial year ended 31st December 2021. The result was driven by the release of COVID-19 provisions, good foreign exchange revenue, and strong transaction volumes across all markets. BSP CEO, Robin Fleming, noted that overall bus...

Newcrest Mining, whose interests in PNG include the Lihir Gold mine and a 50% share in the proposed WafiGolpu project with Harmony Gold Mining Company Limited, has a long-standing partnership with PNG. Newcrest MD and CEO, Sandeep Biswas, travelled to Port Moresby this week and met with Prime Minister James Marape, during which he reaffirmed the compan...

The Papua New Guinea Chamber of Mines and Petroleum congratulates the Papua New Guinea Government and joint venture partners ExxonMobil, Santos and JX Nippon on the execution of a gas agreement to guide the development of the P’nyang Project.  Prime Minister James Marape, Petroleum Minister Kerenga Kua, Exxon Mobil’s Peter Larden and Santos’ Brett Darl...

The Internal Revenue Commission has inaugurated its 2022 annual work plan at the Revenue Haus in Port Moresby, with the subject "Building the basis of a robust, modern, and efficient tax administration by 2025." Commissioner General Sam Koim of the Internal Revenue Service (IRC) said 2021 would be a difficult year, but with the goal of making IRC a str...

The Independent Consumer and Competition Commission has awarded the Australian telecommunications giant Telstra Corporation Limited permission to proceed with its acquisition of Digicel PNG Limited. ICCC Commissioner and CEO Paulus Ain stated that while Telstra is one of Australia's four (4) major telecommunications companies, the ICCC has concluded th...

One of the most significant hurdles to economic growth and direct foreign investment on Bougainville is the absence of insurance coverage by insurance companies for enterprises. Insurance companies in Papua New Guinea have a language in their policies that expressly indicates that they will not cover enterprises operating on Bougainville. This polic...

Photo credit: ABG - President Toroama and Steamships MD By agreeing to comply with the rules of the Autonomous Bougainville Government on inbound investment, Steamships Trading Company has taken the first step toward regaining its previous properties in Bougainville. Before the firm returns to Bougainville, Managing Director Rupert Bray went in Toni...