Feature Articles
Speaking in Maprik recently, Prime Minister James Marape described East Sepik as a potential ‘economic powerhouse’ for Papua New Guinea. Because of this potential, and also to honour the memory of Sir Michael Somare, the Marape announced the next government would be formed in the region. The prime minister was joined by the Governor of East Sepik, Allan Bird, Angoram MP Salio Waipo, the Minister of Agriculture and Livestock and
According to Puma Energy country manager Hulala Tokome, the company is feeling growing pressure due to the rise in global crude oil prices. The higher prices have led to an increase in foreign exchange requirements as Puma imports more supplies into Papua New Guinea. Given that oil prices are likely to continue rising, Mr Tokome said his company would keep working with the Bank of Papua New Guinea and other
Mineral Resources Authority (MRA) managing director Jerry Garry has said all mining and exploration companies in Papua New Guinea will be legally required to provide information to the State through the MRA’s new data centre. Mr Garry said the MRA was developing a data centre at their head office. This would allow for more up-to-date information on the level of mineral resources, such as copper and gold, produced by the
According to Ok Tedi Mining Ltd (OTLM) managing director and chief executive officer, Musje Werror, and the board chairman, Roger Higgins, the company’s shift from lower grade to higher grade ore resources will be completed within the next 12 months. They said that they had hoped OTML would have completed the transition by the end of 2022, but the pandemic’s impact on the movement in the mine has resulted in
The PNG Ports Corporation Ltd (PNG Ports) recently received AU$589 million (around K1.5 billion) in funding from the Australian Infrastructure Financing Facility for the Pacific (AIFFP). The money will be used to rehabilitate six ports – Lae, Daru, Kimbe, Kavieng, Lorengau, and Oro Bay. It will also go toward developing a Highlands inland freight hub. PNG Ports already operates 15 maritime ports in the country. Fego Kiniafa, the company’s Chief
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
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
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
