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
The PNG Prime Minister James Marape recently declared that East Sepik should become the global capital for vanilla production and an international cocoa hub. East Sepik is Papua New Guinea’s leading grower of both vanilla and cocoa. The region is already one of the world’s major vanilla producers – the World Bank estimates it will soon rank second-largest internationally after overtaking Madagascar. PNG’s cocoa is also rated among the best
The Mineral Resources Authority (MRA) has launched the OSIsoft PI system that allows access to data collected in real-time by mining sector companies. Operators in the mineral sector can now report the volumes of resources they extract and export. These amounts can then be monitored by the MRA. The managing director of the MRA, Jerry Garry, said, “Under the Mining (Amendment) Act (2020), it requires mining companies to provide information
Nobuyuki Watanabe, the Japanese Ambassador to Papua New Guinea, has said that since 2003, the Japanese Government has spent K19.2 million supporting rice farming in Madang and East Sepik. Mr Watanabe said, “K11.2million was funded in the first phase of the promotion of smallholder rice production project from December 2003 to November 2008. Another extension of K8 million was later funded in the second phase of the project from December
Jerry Kapka, the board chairman of the Coffee Industry Corporation Ltd (CICL), has stated that the increased levy on green bean coffee exports is reasonable. The levy has risen from 10t to 20t per kilogramme of coffee. Mr Kapka said, “The increase is not same as 10t administrative levy. With the current scenario facing the coffee industry, the board has seen the need to have a reserved funding source assigned
Karenga Kua, PNG’s Petroleum Minister, attended a virtual meeting with China’s Sinopec in Beijing recently. Minister Kua and Wapu Sonk, the Managing Director of Kumul Petroleum, met with the Senior Vice President of Sinopec to discuss various aspects of Papua New Guinea’s petroleum business. Among the topics discussed were Sinopec’s interest in additional long-term LNG contracts for the PNG LNG project. The Chinese petroleum giant was the first LNG customer
Prime Minister James Marape has been promoting the idea that Papua New Guinea holds a strong strategic position in the food sector, especially concerning exporting goods to Asian countries. He has encouraged local businesses to embrace the possibilities of exporting foods to nearby markets. The Prime Minister made his comments to PNG corporations at a business event co-sponsored by the Business Council of PNG and Kina Bank. He pointed out
The Centre of Excellence in Financial Inclusion (CEFI) recently signed a Memorandum of Understanding (MoU) with the Coffee Industry Corporation (CIC) in Port Moresby. Saliya Ranasinghe, CEFI Executive Director, and Charles Dambui, CIC Acting Chief Executive Officer, signed the MoU, allowing the two organisations to partner in the rollout of a program designed to improve financial literacy and inclusion to coffee farming communities. Coffee farmers will learn how to make
Ian Tarutia, the chief executive officer of the National Superannuation Fund (Nasfund), has explained that one of the factors behind the rising prices of goods and products in Papua New Guinea is the country’s reliance on imports. He said that it was simply a matter of supply and demand and that recently, PNG had been unable to import enough goods from abroad. “There is a supply chain, goods that are
CANADA’S K92 Mining Inc. is confident it is ready to move to the next level as a gold producer after achieving significant upgrades to pleased to operations and Stage 2 expansion at its producing underground Kainantu Gold Mine in Papua New Guinea. Chief Executive Officer and Director, John Lewins, said Kainantu has recently undergone a significant expansion and modernisation of the mining fleet. The fleet expansion includes not only an