Kumul Petroleum Holdings and MRL Capital sign Lihir energy MOU, the CEO of Bank South Pacific sees ‘positive signs’ in Papua New Guinea’s economy and CPL’s new warehouse rises from the ashes. Your weekly digest of business news.

Kumul Petroleum Holdings Limited (KPHL) and MRL Capital Limited have signed a Memorandum of Understanding to provide energy solutions for the Lihir mine and community.

‘This MOU is intended to reflect the nature of the commitment and intentions of Kumul Petroleum Holdings Ltd and MRL Capital Ltd in relation to the project. We are excited to take on this initiative especially because it will empower the people of Lihir where one of the largest gold mines in the country has been operating for many years,’ said Wapu Sonk, KPHL’s Managing Director. (KPHL)

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The CEO of Bank South Pacific, Robin Fleming, reportedly said that there a ‘positive signs’ in PNG’s economy after a few years or slow growth. (The National)

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Works have begun on the new City Pharmacy Limited (CPL) warehouse. The new building, which is replacing the CPL warehouse that went up in flames in 2017, will include a 10,000 square meter site to house heat sensitive products and dry goods, and cool storage for pharmaceuticals. The K40 million project is expected to be finalised next year. (The National)

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NASFUND will set up kiosk machines for its customers to print their statements and other account information. NASFUND’s Members Services Chief Officer, Charlie Gilichbi, said ‘If we provide the kiosk system at our branches or major retail centres at Waterfront and Vision City, we will be extending the reach for members (to) get their statements,’ he said. ‘Members can just place their fingers on the machine and it will show all their information (which) they can print out.’ (The National)

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Bank South Pacific has reduced its lending rates for Standard Housing Loan and Unsecured Personal Loan to 6.5 per cent and 27 per cent, respectively. This means a reduction of 0.95 per cent from the previous rate for existing and new Standard Housing Loan borrowers. (Post Courier)

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Joshua Kalinoe, PNG’s Ambassador and Permanent Representative to the World Trade Organisation (WTO), presented a Policy Review Report last week in Geneva, Switzerland. He told the WTO Trade Policy Review Panel that PNG ‘fully supports the rules-based international trading system’ and that ‘trade plays an important part in its economic development efforts’. (Post Courier)

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Opening of Air Niugini’s Sales Agent Ialibu. Credit: Air Niugini

Air Niugini has opened a Rural Sales Agent (RSA) in Ialibu, Southern Highlands province. This is the seventh RSA that Air Niugini opens in PNG to service people in rural and under serviced communities

‘RSA is part of the airline’s commitment to service the rural communities and as a state owned entity, we must not only operate in towns and cities but also in rural areas where the bulk of our population lives,’ said Charlie Wanma, Air Niugini’s Executive Manager—Sales and Distribution. Air Niugini has RSAs in Maprik in East Sepik Province, Minj and Kudjip in Jiwaka, Kainantu Eastern Highlands, Bialla in West New Britian, Pomio-East New Britain and now Ialibu, Southern Highlands. (Air Niugini)

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Pila Niningi, Higher Education, Research, Science and Technology Minister, has announced that the University of Papua New Guinea will receive about K44 million in funding to cover operational and maintenance costs this year. (Papua New Guinea Education News)

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HP’s Premier Dealership was launched in Port Moresby last week and Peter Goodwin, Remington Group’s CEO, said: ‘We are excited and proud to celebrate the launch of our new Premier Business Solutions PNG dealership. It is significant not only for us as a group, but for Papua New Guinea as the first and only HP Premier Dealership in PNG and our region.’ (EMTV News)

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Photograph of the week

The European Space Station found itself over Bagabag Island in Madang Province on 4 May—a date of some significance for fans of the Star Wars movie franchise.

#maythe4thbewithyou, #StarWars fans! To celebrate, @CopernicusEU #Sentinel2 takes us over #BagabagIsland in #PapuaNewGuinea that bears a striking resemblance to the beloved #MilleniumFalcon! What do you think, @HarrisonFordLA, how does she compare? pic.twitter.com/G2e11Y27D2

— ESA Earth Observation (@ESA_EO) May 4, 2019