China reaffirms its commitment to supporting the development of the Ihu Special Economic Zone, Vanimo Airport officially reopens, and Ok Tedi Mining to open a museum to highlight its history and legacy. The business news you need this week.

Economic zones

China has made a commitment to supporting the development of the Ihu Special Economic Zone (ISEZ) in Gulf Province. After conversations between PNG’s Minister for Foreign Affairs and International Trade, Soroi Eoe, and China’s State Councillor and Foreign Minister, Wang Yi, China committed to fund the zone’s infrastructure development. ISEZ Project Manager, Peter Kengemar, said: ‘The bilateral meeting held was very important one for our project, Ihu SEZ. China’s commitment is the biggest and most important impact statement for the ISEZ and our partnership.’ (LOOP PNG)

Solar power

Port Moresby’s Napa Napa refinery will have 300 kilowatts of solar panels installed in the refinery area to help operator Puma Energy reduce its carbon dioxide emissions. ‘This is part of the company’s responsibility to help and protect the environment and the earth that we live in,’ said Luis Benedix Herrera, Puma Energy Refinery Manager. (Post-Courier)

National

Ok Tedi Mining Limited (OTML), in conjunction with Mineral Resources Star Mountain Limited (MRSM) and the Landowners Royalty Trust Limited, is working on the over K6 million Star Mountain Museum Project. The official ground-breaking ceremony took place last week. The museum will preserve and celebrate OTML’s history and contributions to the country. ‘The museum will be shaped like a start which is synonymous to the Star Mountains where the OK Tedi mine is situated,’ OTML Managing Director & Chief Executive Officer, Musje Werror, said. (OTML)

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Last week, Port Moresby saw the opening of three retail spaces: Eliseo Limited, Rangeview Plaza and Unity Mall. About the new shops, Prime Minister Marape reportedly said: ‘These are indications that Papua New Guineans and our economy—despite the headline perceptions that we are not a good place of investment—are benefiting for the Government’s effective spinning of money into the local economy.’ (Post-Courier)

Travel

PNG’s national airline, Air Niugini, has announced that pre-departure COVID-19 tests are no longer required for passengers flying to Manila, the capital city of the Philippines.  The airline also said that the pre-departure test is not required for passengers flying to PNG, Australia or Singapore. Air Niugini also reminded all travellers that passengers departing internationally need to present a valid certificate of vaccination. (Air Niugini)

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Yesterday, the new Vanimo Airport Terminal was officially opened. The new terminal can accommodate up to 100 people and features air-conditioned departure and arrival lounges, trolleys, baggage scanners and conveyor belts. The Civil Aviation Development Investment Program made possible the refurbishment of the airport. (National Airports Corporation)

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PNG Air has released one of its leased ATR 72-600s from its fleet of seven, with a second aircraft due to leave the airline in July. The move is designed ‘to provide some relief to PNG Air to recover from paying fixed lease costs with a substantial decline of revenue as a result of the Covid- 19 pandemic.’ The airline plans to regain the aircraft after 24 months. (PNG Air)

Telecommunications

Vodafone PNG has announced its partnership with satellite telecommunication services company SES to provide 4 and 5G high bandwith mobile connectivity services in PNG. The satellite service will help overcome some of PNG’s geographical challenges. (SES)

 

Photograph of the week

Last week, the K300 million Rangeview Plaza opened its doors in Port Moresby. The Rangeview precinct combines retail and residential areas in 52,000 square metres. Owned by Nambawan Super, the National Capital District and Lamana Development, it ‘aims to be an industry leading enterprise that benefits everyday hard-working Papua New Guineans through providing high quality goods and services, also supporting State-led development and growing the retirement of Nambawan Super members,’ said Nambawan’s Chairman and Director, Reg Monagi. (Nambawan)