Posts From Editor
According to the Solar Energy Association of Papua New Guinea (SEAP), there needs to be an increased focus on renewable energy projects. The association says that currently, foreign investors are targeting green energy, but PNG’s institutional structures aren’t doing enough. Renewable projects have numerous advantages, and these opportunities need to be embraced. President of SEAP Christain Lohberger said, “PNG was one of the first countries to sign the Paris Agreement
Prime Minister James Marape has said that his government has provided funds to complete multiple highways throughout the country. The roadwork payments are part of the government’s ‘Connect PNG Programme’, which has seen K2.4 billion in expenditure over the last three years, with K1.4 billion spent this year alone. The funds have gone to multiple projects. For example, K400 million was used to complete the Yalu Bridge-Nadzab section of the
Paul Barker, the executive director of the Institute of National Affairs (INA), has said that all resource projects need to be examined and assessed. This assessment applies to both extractives and significant renewable energy projects like hydropower. The INA director said this was crucial as projects must provide a net benefit to the nation. Resources should create jobs and increase revenues and economic benefits, but this needs to be balanced
At the recent Australia PNG Business Forum in Brisbane, Brett Darley, the Santos President Upstream Oil and Gas, said the Angore Development project would help the gas sector and boost Papua New Guinea’s economy. The announcement of the next tranche of backfill gas to maintain Papua LNG production as well as the final investment decision for the Angore Development project have put Santos in a strong position. Mr Darley estimated
Prefabricated modular building supplier, Ark Pacific, continues to increase its market share in the provision of camps across PNG’s resource sector. With a low freight footprint (up to 75 percent less) and proven commitment to quality and after sales service, Ark’s fit-for-purpose buildings are perfect for camps and a multitude of other building types required by mining and oil and gas operations. Introduced to PNG during the LNG construction phase
Papua New Guinea Women Entrepreneurs Connect (PNGWEC) has signed a Memorandum of Understanding (MOU) with proponents of the DEFINE initiative – which includes PNGX Markets, Pacific Capital Markets Development, Emerging Venture Management (Unkapt), and the PNG Digital ICT Cluster. PNGWEC has over 5000 members and was established to motivate and empower women in business. The MOU outlines how it can cooperate in delivering several DEFINE objectives. These include improving technical
The Australia New Zealand Bank (ANZ) has forecast a turnaround for Papua New Guinea’s economy starting in the latter half of 2022. The bank expects economic growth to pick up as due to business investment and upcoming resource projects. The turnaround will initially be driven by several gas projects. The most notable of these is Papua LNG, which will go into Front End Engineering Design, or FEED, in the middle
According to the Porgera Chamber of Commerce and Industry, the multi-billion-kina Porgera gold mine needs to open soon. The head of the Chamber, Nickson Pakea, said the mine, which is in Enga, must reopen to promote economic activity and reduce criminality in the region. Pakea said, “The law and order issues in the district is partially due to the shutdown of the mine and those with access to guns taking
According to Kevin Murray, the president of the Madang Chamber of Commerce and Industry, the Pacific Marine Industrial Zone (PMIZ) project will boost the province’s fisheries sector. Murray said that communities around Madang were supportive of the project as it would benefit the economy and create jobs. He added, “A number of canneries will be developed apart from RD Tuna, which is the main one in the province today.” The
In a recent report by the Acting Governor of the Bank of Papua New Guinea (BPNG), Benny Popoitai, PNG is experiencing domestic inflation and increased import costs due to global price rises. Mr Popoitai noted that the war between Russia and Ukraine had put considerable pressure on the prices of food, fertilizer, and crude oil, as both countries were key producers of these products. The effects of the conflict were
