The Papua New Guinea’s Petroleum Minister has said he will put forward a bill on the proposed National Petroleum Authority and Bougainville receives an extra US$700,000 to support its referendum. Your weekly digest of the latest business news.

Petroleum Minister Fabian Pok has announced that he will present a bill on the proposed National Petroleum Authority (NPA) in Parliament this year. PNG’S Chamber of Mines and Petroleum has welcomed the announcement.

‘Establishment of the NPA would contribute to significant skills development among Papua New Guineans who will be able to regulate a wide range of petroleum industry activities, from exploration to project sanction and development as well as the operational phase,’ said Gerea Aopi, president of the Chamber.  (Post Courier)

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The General Manager of NASFUND Contributors Savings and Loans Society (NCLS) Vari Lahui said in an interview that the company is ‘looking forward’ to hit K100 million for its loan portfolio before the end of 2019. (Post Courier)

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The Supreme Court of British Columbia has provided Nautilus Minerals with an order that protects it from its creditors while restructuring its business and financial affairs.

‘Prior to the company applying for protection under the Companies Creditors Arrangement Act, Nautilus received a $750,000 loan from Deep Sea Mining Finance, with a credit facility of up to $34-million.’ (Creamer Media’s Mining Weekly)

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The Independent Consumer and Competition Commission (ICCC) is expected to authorise a code sharing-agreement between PNG Air Limited (PNG Air) and Virgin Australia for services between Port Moresby and Brisbane, Australia.

According to the ICCC some of the public benefits expected to result from the agreement include more competitive airfares as four instead of three airlines would be operating on this route and more frequent passenger services between PNG and Australia. (ICCC)

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A new three-year deal between Papua New Guinea and the Secretariat of the Pacific Community (SPC) has been signed. It’s been reported that the agreement will ‘pave the way for resource support’ in sectors such as fisheries, agriculture and education.

Foreign Affairs Minister Rimbink Pato said the agreement marks a new era of cooperation between PNG and SPC. (The National)

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Australia’s High Commissioner to PNG, Bruce Davis, has announced that the Australian government has given an extra US$700,000 to support Bougainville’s referendum on independence from Papua New Guinea. (RNZ)

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Prime minister Peter O’Neill has said that he will request a full briefing on the Paladin affair and mentioned that he ‘would welcome any investigation by Australian authorities’ (The Guardian)

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India’s prime minister Narendra Modi has reportedly reaffirmed the country’s intentions to remain PNG’s ‘trusted partner bilaterally, economically and as a friend in need’. (Post courier)

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More than 100 mothers within the vicinity of the DCA compound in Six Mile have registered the Six Mile DCA Women’s Association Inc to participate in small to medium businesses in the city. (Post Courier)

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West New Britain Governor Sasindran Muthuvel had presented a budget of K245.37 million to treasurer Charles Abel. The budget ‘represents an increase of about 17 per cent from the 2018 Provincial Budget figures’. (LOOP)

Picture of the week

Temporary footbridge over the Soi river. Credit: Hargy Oil Palms Ltd

Graham King, General Manager, Hargy Oil Palms Limited, reports: The worst wet season in over a decade in Bialla has severely damaged the New Britain Highway between Kimbe and Ulamona. New bridges in Koloi, Soi, Koasa, Ibana and Ulamona are under construction but the old Bailey bridges at Koloi and Soi have been removed and there are no temporary safe crossings.

The damage has affected Hargy Oil Palms Limited, smallholder communities, local businesses and the general public; there is no road access to the palm oil mills, and fuel and food can’t be transported from Bialla to Navo and Ulamona. The local communities and businesses in the area need urgent relief.