Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page For the first time in over 24 years after approving the Pacific Balance Fund (PBF) and the Pacific Property Trust as Unit Trust Schemes, the Securities Commission of Papua New Guinea (SCPNG) recently approved the Lihirian Investment Fund Unit Trust as a new Unit...

Photo: James Marape The country's lawmakers have unanimously voted in favor of the updated investment law passed by PNG's parliament, specifying the intention to prevent foreigners from operating small businesses that are reserved for locals. This law includes measures to ensure locals remain in control of businesses such as general stores and taxi ...

Photo credit: Twinza Oil Regulatory issues between the Government and Twinza Oil Ltd. need to be addressed before discussions on the Pasca A project in Gulf recommence, Prime Minister James Marape said. In a press conference, Marape stated that Papua New Guinea is governed by the Constitution, and there are laws that regulate the mining and explorat...

Photo: Greg Pawson Kina Bank's CEO, Greg Pawson, has announced plans to expand the bank's presence offshore due to the government's decision to increase tax on banks this year. Pawson described the tax increase from 30 per cent to 45 per cent this year as a "disincentive for growth" and said, "We will be bringing forward our plans for offshore expansio...

Photo credit: PNG Chamber of Mines and Petroleum - Dr Albert Mellam, PhD Credit Corporation Finance Ltd (CCF), a subsidiary of Credit Corporation (PNG) Ltd, has received approval in principle from the Bank of Papua New Guinea (BPNG) for a banking license. According to the chairman of Credit Corporation PNG, Dr. Albert Mellam, "the BPNG offered an appro...

Photo: Dairi Vele The State Negotiation Team chairman, Dairi Vele, has announced that the process of reopening the Porgera gold mine in Enga, which is valued at billions of dollars, is almost complete. In his words, "The new Porgera is substantially complete and is progressing." Vele added that all parties involved are now in the process of verifying t...

Commentary by: Stephen Howes and Alyssa Leng When we think of resource-dependent economies, we normally think of the Middle East, and economies like Saudi Arabia. Where does Papua New Guinea fit in? Data available from the UN allows us to isolate value added in the resources sector from the rest of the economy (resource GDP). The ratio of resource t...

Photo credit: Wafi Golpu JV The Wafi-Golpu project in Morobe Province could become one of the world's largest copper and gold mines, according to Dairi Vele, the State Negotiation Team chairman. In an interview with a local paper, Vele said that the state is working to ensure that all stakeholders benefit from the US$5.4 billion (K18.5 billion) project...

Photo credit: Kumul Petroleum   Kumul Petroleum Holdings Limited (KPHL) plans to supply LNG from the coast of Huon Gulf district to power the Wafi-Golpu mine project in Bulolo district, Morobe province. The two business models being pursued are the Floating Storage Regasification and Power (FSRP) unit and the Labu Special Economic Zone project, which w...

Photo credit: Geopacific Resources Geopacific Resources Limited is pleased to provide an update on corporate and project activities conducted at the Woodlark Gold Project together with an outline of planned future work programs for 2023. Outcomes from 2022 In February 2022 Geopacific announced suspension of development activities at the Project d...

Photo: 2023 Regional Tourism Consultation Workshop participants made up of the New Guinea Islands tourism industry and the PNG Tourism Promotion Authority.  The Papua New Guinea (PNG) Tourism Promotion Authority (TPA) has commenced a series of regional consultations on the development of a new PNG National Tourism Policy and Marketing Strategy. The ...

The National Superannuation Fund, Nasfund, has continued its partnership with Kalang Advertising Limited, FM100, as naming rights sponsor for the Nasfund FM100 Talkback Program. Nasfund FM100 Talkback, Papua New Guinea’s longest running radio talk show, launched its 2023 Season this morning, with Prime Minister James Marape, State Ministers, and repres...

Photo: Kuma Baliah (Theodist-Chief Executive Officer), Collin Pake (Director of Life PNG Care Inc), Ryan Pini (Theodist-Business Development Manager), and Kevin Anderson (Theodist-National Sales and Marketing Manager) The Executive Team of Theodist Ltd. was present at the Theodist showroom office in Waigani on 8 February to give a donation of K25,000 t...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook Page Outgoing Malaysian High Commissioner to Papua New Guinea, His Excellency Melvin Cheah Chee Aun will be leaving the country tomorrow with one regret and that is COVID-19 prevented him from working to assist many more interested Malaysian investors who were keen t...

Modular building specialist Ark Pacific (‘Ark’) has delivered 1,800 camp rooms and a multitude of building types for PNG’s resource sector.  Most recently, Ark has finalised the design of a 2,500-person camp complex for the imminent Papua LNG project.  The company also has two other LNG camp complexes (i.e., another 1,000 rooms) in the design pipeline.   ...

Photo: MV Rabaul Chief sailing on Papua New Guinea waters. The vessel will be deployed on the new PWX service. Swire Shipping, a leading operator of liner shipping services in the Asia Pacific, has introduced the Pacific Weekly Express (PWX) service, a new fixed-day weekly service that connects South-East Asia, Europe, India, and the Middle East with P...