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International

World Bank Commits to Papua New Guinea’s Fight Against COVID-19

THE World Bank has approved an emergency US$20 million (approximately PGK70m) project for Papua New Guinea (PNG) to provide rapid support the country’s COVID-19 (coronavirus) pandemic response. The emergency support will fund rapid health support for PNG focused on protecting health workers and others in the response effort, helping PNG health authorities quickly scale-up testing capacity, and strengthening public education to combat the spread of the virus. The project, funded

Australia backs PNG’s COVID-19 preparations

THE Australian Government has provided an additional K1.7million to support the Government of Papua New Guinea prepare for and respond to Coronavirus (COVID-19). The funding support will boost the PNG Government’s existing commitment of K45million for COVID-19 response. “The health and safety of all Papua New Guineans is our number one priority. Australia has been an important supporter in helping Papua New Guinea respond to health emergencies,” said  Minister for

PNG Stock Exchange enters MoU with SPX on market development

PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange and the South Pacific Stock Exchange (SPX) have signed a Memorandum of Understanding (MoU) to co-operate on the development of their capital markets. The milestone signing of the MoU was undertaken in a ceremony in Suva by PNGX chairperson, David Lawrence and SPX chairperson, Dr Nur Bano Ali. Mr Lawrence said the opportunities for harmonisation presented by PNGX and SPX

PNG LNG supports Society of Petroleum Engineers 2020 President’s visit to PNG

EXXONMOBIL PNG Limited, the operator of PNG’s first liquefied natural gas project, PNG LNG, has sponsore a networking event and executive dinner held at the Port Moresby Hilton Hotel to welcome Shauna Noonan, 2020 President of the Society of Petroleum Engineers (SPE). President Noonan recently visited Papua New Guinea in her capacity as 2020 President elect of the SPE to meet with local engineers and industry leaders as part of a

PNG and OECD agree on tax inspectors partnership

THE Organisation for Economic Co-operation and Development (OECD) and Papua New Guinea’s Internal Revenue Commission have agreed to gear up efforts to tackle tax base erosion and profit shifting by multinational enterprises in PNG, through participation in the OECD/UNDP Tax Inspectors Without Borders initiative. This project sends tax experts to developing countries to work with local officials on audits of large companies, resulting in over US$400 million of additional tax revenues worldwide to

PNG LNG signs mid-term sales agreement with PetroChina 

THE PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement (SPA) with PetroChina International (Hong Kong) Corporation Limited (PCI), for the supply of LNG commencing in July 2018. The mid-term SPA is for supply of approximately 0.45 million tonnes of liquefied natural gas (LNG) per annum (mtpa) over a three-year period. This SPA takes the total contracted volumes from the Project to 7.0 mtpa, with

PNG and Philippines in rice accord

PAPUA New Guinea and the Philippines will jointly promote cooperation in rice production under agreements recently signed in Manila. Philippines Secretary of Agriculture Emmanuel Pinol and PNG Minister for Agriculture and Livestock Benny Allen recently signed agreements to expand and strengthen bilateral relations in the area of agriculture on the occasion of the Official Visit to Manila of PNG Prime Minister Peter O’Neill. The two countries have agreed to jointly

PNG drilling success adds to Exxon’s award winning year

DRILLING success in Papua New Guinea has helped ExxonMobil to be named 2017 Explorer of the Year by the World Oil and Gas Council. “This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety

PNG and Qatar discuss oil and gas opportunities

PNG’s Prime Minister Peter O’Neill has welcomed the opening of discussions with Qatar to initiate co-operation opportunities in the oil and gas sector. Taking part in a two-day Official Visit to the State of Qatar, at the invitation of the Prime Minister of Qatar, the Prime Minister said now is the time to work with more partners in the global community to strengthen key sectors of the economy. Meeting with Qatar’s Minister

PNG stories in NYC

MEMBERS of the New York City Explorers Club came together in June to hear from a panel of artists, photographers, filmmakers and adventurers sharing tales of their time in Papua New Guinea. PNG Tourism Promotion Authority said the group discussed topics ranging from their favourite dive sites in PNG to how the country has evolved from the 1930s to today. What is in store for the nation in coming years,