The initiative of the government in subsidising freight services for fresh produce through the transport freight subsidy scheme is continuing.According to Secretary for National planning and monitoring Koney Samuel, the program is still running. He added that they worked on the first phase with the Bismarck Maritime Limited which was done around July and ...

Westpac Group has announced the sale of its businesses to Kina Securities Limited (ASX:KSL) (Kina Bank) for up to $420 million. These are Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG Limited. According to Westpac Group Chief Executive, Specialist Businesses & Group Strategy Jason Yetton, the sale follows the decision of the group to foc...

Australian natural gas developer Santos Ltd has lowered its production cost guidance at US$8.00 (K28)-$8.50 (K29.80)/boe (barrels of oil equivalent) and has upgraded its 2020 production guidance to 87 and 89 million barrels. According to the firm, the upgrade was due to a strong operating performance across its base businesses and represents more than 50 ...

Australian natural gas developer Santos Ltd said that the PNG LNG is a world-class low-cost asset delivering above nameplate productivity. According to chief operations officer David Banks, opportunities for expansion can come in the future. “One core asset that is operated by others is the PNG LNG,” he said. “Exxon Mobil, the operator, does a very good ...

To keep PNG in line with the newest global trends on urbanisation, Papua New Guinea Prime Minister James Marape has launched the National Capital District (NCD) Urban Development Plan in Port Moresby.He thanked NCD Governor Hon. Powes Parkop for ensuring that the services for the people continue to function, for continuing to work to improve the lives of...

The budget for 2021 is critical after an economic downturn this year, said Kina Bank.In a budget review, the bank said that next year’s budget showed a shift in focus towards the non-resource sector - with the goal of establishing a foundation for tangible economic growth outside the resource sector. It added that fiscal consolidation was part of its over...

Palm oil prices have returned to normal.According to New Britain Palm Oil Ltd (NBPOL), the cost is presently at US$880 (K3,019.95) per metric tonne cost, insurance, and freight Rotterdam mark.Country manager Robert Nilkare said that this important achievement was a source of income for employees and smallholders and of foreign currency for the country. He...

The United States has begun rebuilding its relationship with the government of Oro.In a recent visit to the province, US Ambassador to Papua New Guinea, the Solomon Islands and Vanuatu, Erin McKee said that her courtesy visit to the historical sites around the area was an initial step in strengthening their relationship. To understand better service deliv...

In the past 18 months, strong international friendships have helped the government in its continuing economic reform policies.According to Treasurer Ian Ling-Stuckey, this included the chance to meet with the Australian High Commission last December 3 - which included a conference call with Australian Treasury officials - to discuss the robust strategic r...

The K400 million 23-storey Noble Centre building in downtown Port Moresby is set to finish early next year. According to China Railway Construction Engineering Group (PNG) Real Estate Company Ltd marketing manager Maksim Neil, the work was delayed because of the ongoing pandemic. “We have obtained the occupancy certificate from the National Capital Distri...

Part of the efforts of the government to drive enhancement in the performance of state-owned enterprises by venturing into different strategies is the merger between Water PNG and Eda Ranu. This is also to key in reforms to the sector. Kumul Consolidated Holdings Chairman Peter Aitsi said that the reforms are targeted in delivering improved results in two...

To help landowners maximise the productivity and benefits of their land, PNG Biomass is promoting and encouraging the practice of intercropping - where individuals can plant cash crops in between rows.An example is the communities in Markham Valley where new landowner groups are now expecting to open up their land to small-scale agroforestry production. W...

Unlike other economic sectors such as fisheries, agriculture, and mining, the tourism industry in Papua New Guinea has not been explicitly measured in the economic statistics for its contribution to the gross domestic product (GDP).Thus, said PNG Tourism Promotion Authority (PNGTPA) chief executive officer Eric Mossman Uvovo. He added that even if the tou...

A report by the Bank South Pacific (BSP) has shown that all economies have witnessed important contractions in economic activity which resulted in cutting back of profits and dividends by companies.The report also revealed that global firm dividend payments were touted to decrease by 17.5 to 20 per cent this year. On whether this was caused by travel rest...

K92 Mining has revealed that its shares have gone up.With results from the continuing diamond drilling of the Kora deposit at the Kainantu gold, the drilling results are highlighted by hole KMDD0261, which documented several high-grade intersections including 9.80 m at 83.27 g/t Au, 10 g/t Ag and 1.03% Cu (84.92 g/t AuEq, 6.63 m true width) at the K1 Vein...

Petroleum Minister Kerengua Kua said that there will be an announcement next month if the Papua LNG will be a stand-alone project towards the design phase next year. He added that the Total senior management and the delegation of the government will be meeting on Thursday, December 10. “If the decision is made, it will be positive for PNG because we will ...