A decision on the environmental permit for the Frieda River copper and gold project in West Sepik is yet to be made.Environment, Conservation and Climate Change Minister Wera Mori said that the granting of the permit is not yet finished. “Frieda River is an ongoing project – meaning that PanAust, which has got the licence, is still conducting exploration,...

The Internal Revenue Commission (IRC) has unveiled its yearly work plan in Port Moresby.According to IRC Commissioner Sam Koim, the plan which outlines seven key strategic pillars contains a vision to transform the organisation into a modern, robust, and efficient tax administration by 2025. These seven key strategic pillars include data-driven, fostering...

The power outages in Port Moresby may end in March.This was according to PNG Power Limited managing director Flagon Bekker who said that they are working on the transformer at the Port Moresby grid because they couldn’t bring in a new one. He added that bringing in an expert for the tap changer may not be possible for this time. “We don’t have the person ...

To improve the trade capacity of Pacific countries, the Pacific Island Forum Secretariat (PIFS) and the European Union (EU) have signed a project titled “Strengthening Pacific Intra-Regional and International Trade (SPIRIT)”. The project is set to cost EUR 5.75 million.Aimed at increasing and boosting intra-regional and international trade through strengt...

Because of its focus on performance, capital and cost allocation, Oil Search has resulted in a firm production. Managing director Keiran Wulff said the developments of Oil Search had regained momentum with the passing of the government in Parliament the remaining amendments to Acts for Papua LNG fiscal stability.He said that assurance reviews for the Pikk...

With the construction of the Wafi-Golpu copper and gold project in Morobe about to start because of its environmental permit, Papua New Guinea hopes to see a windfall of over K18 billion investment in its economy. Constructed by developers Harmony Gold Mining Company, this project is expected to cost at K17.26 million.“At this time when our economy is con...

In a recent survey conducted by the Pacific Trade Invest network, it has revealed that the pandemic continues to impact small businesses. Newly appointed Trade Commissioner of the Pacific Trade Invest New Zealand office, Glynis Miller said that “the results are not surprising as they do reflect real challenges faced by a large majority of SMEs.”According ...

In dealing with the power outages, PNG Power Ltd managing director Flagon Bekker said to either live with these blackouts or invest “hundreds of millions of (US) dollars”. “I personally believe the people of PNG are going to need to choose: start investing in the power system or live with blackouts that will get worse and worse,” he said. “There is no eas...

With the increased costs of minerals, Bank of PNG Governor Loi Bakani said that exporters should take advantage of these favourable costs at a time when the pandemic is still ravaging the country. “Mineral prices increased, with those for copper and nickel driven by a pick-up in growth in China,” he said. “Precious metal increased by 16.5 per cent, with ...

While many new manufacturing entrants haven't met the required industry standards which can be a setback for the industry, Manufacturers Council of PNG chief executive officer Chey Scovell believed that the industry may recover this year. According to him, many entrants lack The Hazard Analysis and Critical Control Points (HACCP) equivalents which is a fo...

To support local farmers to encourage them to take part in cash cropping, extension services in agriculture into rural areas must take place.This was according to the Department of Agriculture and Livestock (DAL) Minister John Simon who said that the country needs 400 agriculture extension officers.“Many farmers are trying their best to sustain their farm...

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...