O’Neill says India keen to buy PNG gas, industry divided over vegetable import ban, and Konebada Petroleum Park Authority signs feasibility study deal. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill says India wants to use PNG gas, after meeting with executives from Indian Government-owned Oil and Gas Company Group Ltd, Petronet LNG Ltd and GAIL (India) Ltd in New Delhi. He added India’s experience in the production of fertiliser ‘will be of significant value to Papua New Guinea and is a further market for our petrochemical products’.

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The Business Council’s Douveri Henao.

The Executive Director of the Business Council of PNG, Douveri Henao, has warned the ban on imported vegetables will result in a shortage of market and preferences in products being sold. PNG Women in Agriculture President Maria Linibi says  the decision is premature as PNG does not have the capacity to produce quality and sustainable fresh food. But spice growers in the Highlands region have welcomed the ban. Director of the PNG Spice Industry Development Programme Zacharies Ikio says the ban will provide more opportunities for the 2,000 Highlands spice farmers.

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The Acting CEO of the Konebada Petroleum Park Authority, Donald Valu, says the KPPA will seek to source 15% of the gas from Papua LNG project for its downstream process activities. Meanwhile, the Authority has signed an MOU with China’s CAMC Engineering Company to do a feasibility study, conceptual planning and design to develop the viability of the proposed projects.

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Puma Energy is preparing for the prolonged suspension of refining activities at Napa Napa. The company suspended refinery operations in April while it sought appropriate customs and licensing regime for the refinery. Globally, the company has reported that gross profit increased by 16% from US$325m in Q2 2014 to US$375m in Q2 2015.

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The effects of frost in the Highlands. Credit: CARE International, Jay Lomu.

Prime Minister, Peter O’Neill, is warning that the country’s current drought and frost conditions will likely worsen. He says about 1.8 million people have been affected by the extreme weather, and 1.3 million are classed as ‘most at risk’.

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Pacific Trade & Invest is leading a mission to key business centres in Southern China, in late October. The program starts in Hong Kong with a business briefing, followed by business matching and promotions in Shenzhen and then major trade and investment events in Guangzhou and Dongguan in China’s Guangdong Province.

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Businessmen and women in Madang have launched the Madang Indigenous Business Council. It aims to promote external investment, development and wealth creation by creating small and medium-sized enterprises.

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New Guinea Energy Ltd has reported that it has surrendered the PPL268 joint venture licence in Western Province to the Papua New Guinea government under the PNG Oil and Gas Act 1998 due to it not being viable.

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Prominent Western Highlands leader and pioneer agricultural businessman Kagul Koroka has died, aged 75. His businesses include the iconic Kiluwe Trading and Pangali Construction.

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The Uto ni Yalo. Credit: Wellington Chocolate Factory

And finally, the first batch of Bougainville cocoa beans is about to set sail on the first leg of its journey to becoming the world’s first Bougainville chocolate bar. One tonne of the beans are being loaded onboard the traditional vaka, Uto Ni Yalo, as it prepares to depart Tinputz in Bougainville for Wellington, NZ.