Latest Publications
PNG Resources Q2 2022
PNG Resources Q1 2022
Lack of insurance coverage for Bougainville businesses unfair, says ABG President
Papua New Guinean insurance companies contain clauses that expressly state there is no coverage for businesses operating in Bougainville, and this is causing problems for enterprises in the region. The policies are the aftermath of the ten-year civil war (1988 to 1998), where an unfavourable business climate was established. However, even after the Bougainville Peace Agreement was signed in 2001, the policies have remained in place. The lack of coverage
Internal Revenue Commission inaugurates 2022 annual work plan
The Internal Revenue Commission (IRC) has inaugurated its 2022 annual work plan with the theme “Building the basis of a robust, modern, and efficient tax administration by 2025”. The inauguration took place at the Revenue Haus in Port Moresby. Sam Koim, the IRC Commissioner General, stated that 2021 had been a challenging year, but the IRC’s goals remain unchanged. He said the IRC had dedicated the last few years toward
PNG Chamber of Mines and Petroleum congratulates all involved in the signing of P’nyang agreement
The Papua New Guinea Chamber of Mines and Petroleum has congratulated all parties involved in the execution of a gas agreement for developing the P’nyang Project. Signatories included joint venture partners Santos, ExxonMobil, JX Nippon, and the PNG government. The agreement was signed at Government House in Port Moresby by Prime Minister Marape, Petroleum Minister Kerenga Kua, Peter Larden from ExxonMobil, and Brett Darley from Santos. The agreement is a
New Civil Aviation Minister committed to improving industry
The new Civil Aviation Minister, Walter Schnaubelt, has said he’s committed to improving Papua New Guinea’s aviation industry as it is a critical area for the government. The minister is seeking information on the problems and difficulties faced by those in the aviation sector to help them overcome any issues they may face. One such problem is that posed by Covid-19, which the minister has noted makes improvements particularly difficult.
Significant rise in foreign exchange receipts
Robin Fleming, the CEO of Bank South Pacific Financial Group Ltd (BSP), has said that Papua New Guinea has recently seen a significant inflow of Foreign Exchange (FX) currency. According to Mr Fleming, at the end of 2021, FX receipts increased from K9.21 billion to K10.175 billion in the final quarter. This amounts to a rise of K965 million or 10.5%. He said the increase was due to end-of-year dividend
Progress made on formation of the Independent Commission Against Corruption (ICAC)
The Appointment Committee for the Independent Commission Against Corruption (ICAC) met again in Port Moresby as the formation of the ICAC continues to proceed as planned. Papua New Guinea Prime Minister James Marape stressed the need for the government to fight the ‘disease of corruption’. He urged the Appointments Committee to move forward as fast as possible before the National General Elections. The meeting was chaired by the Prime Minister