Kina and the Asian Development Bank join forces, the Bank of Papua New Guinea launches its ‘regulatory sandpit’, and PNG’s first rooftop solar power trial begins. This is your weekly digest of business news.

Michael Barrow, ADB Director General for Private Sector Operation, [middle, right] Greg Pawson [middle, left], Kina’s CEO, during the signing. Officials from ADB and KSL attended the event. Credit: ADB

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The Bank of Papua New Guinea (BPNG) has launched its regulatory sandbox. The state-of-the-art technology is a first for PNG and will allow innovators to test their financial services projects while safe-guarding the privacy and investment of customers willing to test the new technologies.

Loi Bakani, Governor of BPNG, said that this project seeks inclusion of PNG’s unbanked population. ‘Using the sandbox people will be innovators, with new ideas like blockchain, which will reduce the population of unbanked citizens down to 50 percent which is the aim,’ Bakani said. (BPNG)

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With the support of the International Finance Corporation (IFC), PNG Power has launched the country’s first trial of rooftop solar power. The pilot scheme will run in Port Moresby and is set to generate about two per cent of peak demand in the capital city. PNG’s goal is to transition to 100 per cent renewable energy by 2050. (Post-Courier)

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Detail of Papua New Guinea’s National Parliament building. Image: David Kirkland

Last week, the 2020 budget was passed by Parliament after a lengthy debate. David James examines what the Budget means for business. (Business Advantage PNG)

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PNG is set to introduce new rules for petroleum licenses, according to Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk. In an exclusive interview with BAPNG, he said the oil and gas sector, and the state-owned resources company, are set to undergo a transformational change. (Business Advantage PNG)

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NiuPower, which is co-owned by Kumul Energy Limited and Oil Search Power Holdings, announced that it is about to complete work on the running transmission lines from its power plant to Moitaka sub-power station in PNG’s capital city, Port Moresby. NiuPower hoped to dispatch 58 megawatts to the grid by the end of December 2020 or early January 2021. (Post-Courier)

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Last week, Total E&P’s Managing Director, Jean-Marc Noiray, said the company is ready to launch by mid-2020 the front-end engineering design (FEED) of Papua LNG. He reportedly said that the company and the Government are working in reviewing the gas agreement for this project, which was signed in April. (The National)

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Amidst the news of negotiations between PNG’s State Negotiating Team and the developers of the P’nyang gas project, the Institute of National Affairs’ Paul Barker reflects on the challenge of reaching an agreement. (Business Advantage PNG)

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Two hundred and forty bags of dried PNG cocoa have been exported to the Netherlands. Farmers in the Markham district produced the cocoa and exported it under a license for Markham Organic Coca Producers, which means there is no need to pay for the services of an external company to help in the sale. (Post-Courier)

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When the referendum poll began in Bougainville, many people celebrated. Credit: Aljazeera

Referendum voting has concluded in Bougainville, the Solomon Islands, Australian and PNG provinces where Bougainvilleans with the right to vote registered their preference. There won’t be turnout numbers until the end of the scrutiny process but official suggest that the ‘vast majority’ of the 207,000 registered voters cast their ballots. An independence decision would still require ratification by the National Parliament of PNG. (Aljazeera)

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The renewal of the lease of Porgera mine, a joint venture between Barrick Gold Ltd and China’s Zijin Mining Group, is still under review. During the parliamentary session Tomait Kapili, MP from Laigap-Porgera, mentioned that landowners weren’t expecting the renewal of the contract. He asked Prime Minister Marape to ‘move all negotiation to Porgera itself to adequately gauge landowners views and extend of the problems around the mine.’ Marape said: ‘I intend in the new year [for] an announcement to be made to the status of what will happen in Porgera.’ (RNZ)

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Total Quadran has inaugurated Hélio Boulouparis 2, New Caledonia’s largest solar power plant with energy storage. The plant has 58,000 solar panels and can provide nearly 16 megawatts-peak, enough to cover the power needs of 21,000 residents (about 10 per cent of the population). It also features a lithium-ion battery storage system with a capacity of 10 megawatts.

‘With nearly 60 per cent of the total photovoltaic capacity installed in New Caledonia, Total Quadran is positioned as the first player in the New Caledonian solar market,’ said Thierry Muller, General Manager of Total Quadran. (Total)