PNG Resources

PACD project receives US$40 million in funding

The PNG agriculture commercialisation and diversification (PACD) project has received US$40 million (around K140 million) in funding from the World Bank. Jane Sprouster, senior operations officer for the World Bank PNG and Pacific Islands, said the project would benefit and assist 20,000 farmers. Sprouster added that she hopes it will allow them to reach commodity targets set by the 2021 to 2023 agriculture medium-term development plan. “The World Bank’s global

Angore Project hugely beneficial for PNG, says Santos

Santos President Upstream Oil and Gas, Brett Darley, has said the Angore Development Project would be a significant plus for Papua New Guinea. Mr Darley made his comments at the Australia Business Forum in Brisbane as he announced the next tranche of backfill gas that will help maintain PNG LNG production. The first gas from the development is due in 2024. Santos’ capital expenditure share would be about US$135 million

Senior Harmony Executives visit PNG and meet with PM Marape

Senior Harmony Executives from the company’s South African offices visited PNG recently. Harmony has several significant interests in Papua New Guinea, and the executives toured their assets and met with Prime Minister Marape. The company stressed their continued commitment to growing and investing in PNG. Harmony’s Boipelo Lekubo, Financial Director, and Marian van der Walt, Senior Group Executive: Enterprise Risk and Investor Relations, talked about the company’s long-term interests in

Fugro And National Maritime Safety Authority Improve Papua New Guinea’s Navigation Safety

Working with the National Maritime Safety Authority (NMSA) and with funding from the Asia Development Bank (ADB), Fugro has completed a hydrographic survey to determine a safe channel through the Star Reef Passage. That will be used to support updated nautical charting and improved coastal zone management.  The project is a key initiative contributing to Papua New Guinea’s sustainable economic development. To accomplish the work, the Fugro LADS HD+ Airborne

PNG customs get tough on local manufacturers and importers

David Towe, the PNG Customs chief commissioner, has warned stricter measures are being introduced. He said local manufacturers and importers had been warned that they could face fines of a million Kina if they failed to comply with the law and didn’t pay taxes. “Last year, we increased all the penalties that applies to the non-compliance; in the past, it was not tough. The penalties have increased almost 100 per

Superannuation benefits should be tax-exempt, says Tarutia

Ian Turutia, Association of Superannuation Funds of PNG president, has been arguing for the removal of taxation on workers’ superannuation funds. He said, “As an industry, we are against taxation on superannuation or retirement benefits.” A review of Papua New Guinea’s income tax laws by the Constitutional Law and Reform Commission (CLRC) suggested a reduction in personal income tax on wages and salaries. The review also recommended the complete removal

World Bank approves three PNG projects worth US$200 million

Three new PNG projects worth a combined US$200 million (around K722 million) have been approved by the World Bank’s Board of Executive Directors. The projects aim to improve roads and transport, child nutrition and protection, and work conditions and mobility. The Australian Government has also pledged additional support for the schemes. Stefano Mocci, Country Manager at the World Bank for Papua New Guinea, said, “Collectively, these new projects will help

Agriculture could bring economic independence, says minister

The Minister for Agriculture and Livestock, John Simon, has said agricultural activities in Papua New Guinea could help the country achieve economic independence in five to ten years. Over 80 per cent of people in PNG live in rural communities, and Mr Simon said that about 90 per cent of them were involved in agriculture. He said the government and the Department of Agriculture and Livestock (DAL) wanted to help

Steamships Welcomes Vele Rupa as General Manager Corporate Affairs

Steamships has announced the appointment of Mr Vele Rupa as General Manager Corporate Affairs replacing Mr David Toua who moves on to be Chairman of the Central Bank of PNG and Principle Private Sector Advisor for Abt Associates. Mr Rupa joins Steamships from Mineral Resources Development Company (MRDC) where he was seconded to the State Negotiating Team working on resource projects like Papua LNG, P’nyang, Porgera, Pasca A and more