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Prime Minister Hon. James Marape, MP says the PNG Government is fully aware of the Santos Limited and Oil Search Limited proposed merger as announced on 21 July 2021 and is closely monitoring it. Prime Minister Marape said his Government has also noted the recent board and management changes at the Oil Search Limited. “Oil Search Limited is a promin...

The Independent Consumer and Competition Commission is debating whether or not to accept Kina Bank's bid to buy Westpac's share in Westpac Bank PNG Limited. Commissioner Paulus Ain of the ICCC has also issued a draft determination on Kina Securities Limited's Authorisation Application for the planned acquisition of 89.91 per cent of Westpac Bank-PNG-Li...

From Left to Right: Shannon Kumalau (DPE), Richard Kassman Senior VP PNG Chamber of Mines and Petroleum, Lucas Alkan Head of National Secretariat (EITI), Paul Barker (INA), Arnold Lakamanga (MRA) The PNG Chamber of Mines and Petroleum congratulates and also expresses its support to the PNG Extractive Industry Transparency Initiative (EITI) on the relea...

Photo Credit: ADB Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. After...

Photo Credit: The National Fisheries Authority The National Fisheries Authority (NFA) is the latest Government organization to join the Expo2020 Team to tell the Papua New Guinea story on the fisheries industry.  The Authority will inform the world stockholders on Papua New Guinea’s efforts to commercialise our tuna resources in a sustainable way, i...

According to Bank South Pacific Group Ltd chief executive officer Robin Fleming, foreign direct investment (FDI) will play a key part in Papua New Guinea's recovery from the Covid-19. “Bank of PNG data indicates that in 2020 FDI flows into the country will be reduced by 66 per cent to K387 million from K1.1 billion in 2019,” Fleming said. “This stat...

At the annual general meeting last month, the board named Richard Sinamoi as interim chairman. “There has been an orderly transition to new leadership and the new board is stable and strongly aligned in our thinking,” Sinamoi said. He described becoming chairman of Credit Corporation as an "honour" at "such a critical period for the business and the...

After 17 months in charge, Oil Search managing director Keiran Wulff resigned owing to concerns about his behaviour and bad health. Dr Wulff has been dealing with a long-term medical problem that has lately worsened. According to Oil Search chairman Rick Lee, the board met with Dr Wulff after receiving recent concerns and accusations about him. A...

According to BSP Financial Group Limited (BSP), Papua New Guinea's GDP would increase by 4.2 per cent next year as the country recovers from a pandemic-induced slump. “Economic growth is anticipated to rise to 4.2 per cent in 2022 as PNG's economy continues to recover from a pandemic-induced recession in 2020,” according to the bank's Pacific Economic ...

Photo Credit: The Department of Lands & Physical Planning of Papua New Guinea Prime Minister James Marape has stated that his government is considering tax incentives, one of which will be a 100% tax break on capital expenditures. He stated that this was one of the incentives his government was considering implementing to help businesses thrive ...

Papua New Guinea, according to Minister for Foreign Affairs and International Trade Soroi Eoe, has enormous potential to grow into a first-class economy in the Asia-Pacific. During the introduction of the National Trade Office's (NTO) business plan 2021-2025, he stated that PNG has a lively and expanding population that may generate enough demand for l...

The prime ministers of Papua New Guinea and New Zealand have signed a memorandum of agreement to further their cooperation. The leaders signed a Statement of Partnership in a virtual conference, reinforcing efforts to work through issues of trade and economics, as well as regional solidarity, amid the epidemic. PNG's Prime Minister, James Marape, ha...

External investors can now apply to do business in Bougainville under an amended Inward Investment Act. ABG Minister for Commerce, Trade and Industry Hon. Patrick Nisira made this announcement recently saying that Bougainville is ‘open for business’. “We are looking to deliver on the Autonomous Bougainville Government’s ambition for a strong local e...

The Asian Development Bank (ADB) has launched a new strategy to help ADB’s Pacific developing member countries (DMCs) improve connectivity and tackle other core development challenges across the Pacific over the next 5 years. The Transport Sector Assessment, Strategy, and Road Map 2021–2025 reviews transport sector performance, summarizes development c...

The Kokoda Track Foundation has appointed Peter Aitsi to its board of directors. Aitsi brings his wealth of experience gained over 30 years in corporate leadership roles and directorships across Papua New Guinea, most recently as group CEO of Credit Corporation PNG and country manager of Newcrest Mining, to his new position, which was confirmed at the ...

According to Independent Consumer and Competition Commission chief executive officer Paulus Ain, the proposed code-sharing agreement between Link PNG Ltd and PNG Air should only be approved if a number of criterias are met. The criteria, he added, should be targeted at modifying the planned code-share agreement to reduce the likelihood of anti-competit...

Due to the National Airports Corporations' ongoing rehabilitation work on the airport runway, air traffic into Madang will be disrupted. The airport will be closed from July 23 until August 8, 2021, for renovation. Runway restoration is presently in Stage 5 of the Method of Works Plan (MOWP) for Madang Aerodrome, according to NAC interim managing di...

The Prime Minister, Hon. James Marape MP said the government is looking for a partner or investor, such as Puma Energy, to assist it to achieve its goal of creating a low-cost fuel and energy industry in the country. He also urged Puma Energy to stay in PNG's local petroleum and energy sector and invest more. PM Marape made the remarks at Puma Energ...