The Asian Development Bank and partners join forces for multi-million electricity project in Papua New Guinea, the Mineral Resource Authority temporarily stops field operations and new plan to help the copra industry against pest. The business news your need today.

Jack’s of PNG now online. Credit: BSP

Agribusiness

To help PNG farmers curve the spread of the coconut rhinoceros beetle Guam strain (CRB-G) pest, the Pacific Community (SPC) has signed an agreement with PNG’s National agriculture Quarantine and Inspection Authority and the Kokonas Indastri Koporesen. The CRB-G pest has spread to the Central, Gulf and Madang provinces, putting in danger the livelihood of hundreds of copra farmers. PNG is one of the largest exporters of copra in the Pacific region, with the crop ranking as its fourth largest agricultural export. According to the SPC, copra contributes to nine per cent of the country’s GDP.

‘It is envisaged that through this collaboration, partners will effectively manage this pest and prevent any dire consequences it may impose on coconut producers and their beneficiaries and help protect the country’s economy,’ said Mark Ero, the SPC’s project manager for Pacific Awareness and Response to Coconut Rhinoceros Beetle (PARC). (SPC Media)

Power

The Asian Development Bank (ADB) has announced a US$305 million (over K1 billion) project to help PNG reach its goal of connecting 70 per cent of its population to electricity by 2030. The ADB has provided two loans amounting to US$208.6 million, Australia has contributed US$59.5 million and a US$12.8 million grant, and the government of PNG will give US$24.1 million.

The project will expand and upgrade transmission lines and substations in Gazelle, Ramu, and Port Moresby; build new low- and medium-voltage power distribution lines, build mini grids in West New Britain, and strengthen the capacity of PNG Power through the introduction of procurement and implementation, utility operation, and financial management reforms. (ABD)

Superannuation

During its annual general meeting, Nambawan Savings and Loan Society recorded a profit after tax of K533,632 and a net asset value of K10.9 million for the last fiscal year. Despite COVID-19 and recent economic contraction, the super fund saw an increase of members to 30,241 and an increase in savings to members to a total of K83.32 million, from K70.1 million the previous year. (The National)

Resources

The Mineral Resources Authority (MRA) has halted field operations, including mining warden hearings, until after this year’s elections.

‘If there are urgent meetings and issues that need to be resolved urgently, we will send our officers on the ground, issues such as disruption to mining operations by landowners,’ reportedly said Jerry Garry, MRA’s Managing Director. (The National)

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In a visit to PNG, TotalEnergies Vice-President, Julien Pouget, said that the company is planning to launch the FEED (front-end engineering design) study for the Papua LNG project in Gulf Province this month.

‘Last time we said we were on time with our target to launch the FEED study by June, and we are getting towards the end of June,’ Pouget said. ‘I can tell you that we are on track with this target, thanks to the great job performed by the engineering team and you too.

‘There are some work still to be done in the coming weeks, but we are pretty sure that we can confirm that we will be on time for that.’ (The National)

Ecommerce

Jack’s of PNG has ventured into ecommerce. Last week, the retail shop launched a website and made available online payments for goods and service in PNG.

‘The newly launched shopping website will allow customers to purchase Jack’s of PNG products anywhere and anytime. It also allows overseas customers pay for the Jacks products wherever they are and have it delivered at their preferred location,’ said Jacks’ Digital Marketing Assistant, Anusheel Pratap. (Loop PNG)

Tourism

The PNG Tourism Promotion Authority (TPA) is expecting domestic tourism to increase over the next months. Its Chief Executive Officer, Eric Mossman Uvovo, told the Post-Courier the TPA has plans to boost tourism in the country.

‘PNG TPA will step up efforts on advertising and promotions of tours and travel packages and our first Travel and Tourism magazine will be published in July.’ (Post-Courier)

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There’s a new eco-tourism centre in Bougainville’s lower Aropa Naari in South Nasioi. Owned by Kodora Tourism Centre’s Pius Marko, the centre is now open to the public.

‘It took me 22 years from year 2000 to come this far and have it finally launched and open to the public. I urge everyone to come and see, use and enjoy the scenery with unspoilt and protected natural environment,’ said Marko. (Post-Courier)