Plans for a new gas-fired power plant for Hela, Digicel rejects tower sharing, and the IPA signs a memorandum of understanding with the Immigration and Citizenship Authority. The business news you need today.

Catering has resumed on international flights, except Port Moresby–Hong Kong. Credit: Air Niugini

Power

Twenty20 Energy Systems, a company based in Singapore, plans to build a 66MW gas-fired power plant in Hela Province on behalf of Dirio Gas & Power. The power plant would be adjacent to the ExxonMobil Hides gas conditioning plant, from where it will get gas supplies.

The electricity generated will be supplied to the Ramu Grid. The ground-breaking ceremony is expected for Q3 2022, with completion in 2024. Twenty20 Energy also plans to acquire a stake in the power plant by investing 20 per cent of the required capital for the project alongside Dirio. (Power Technology)

Telecommunications

In a statement responding to comments made last week by Vodafone PNG’s representatives about potential tower sharing, telco Digicel PNG has argued that operators have an obligation to provide mobile phone coverage at their own cost. It said it had spent about K3.5 billion in setting up its network. Its spokesperson said that sharing towers was not possible as these are usually built to carry only one set of equipment. (Post-Courier)

Fisheries

Finschhafen in Morobe Province has received K5 million from the National Fisheries Authority (NFA) to build a cold storage facility that will service the region. During a visit to Finschhafen, Minister for Fisheries, Lino Tom, reportedly said: ‘Instead of us seeing big companies collecting fish, PNG must go into the fishing industry.’ (Post-Courier)

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A seaweed farming project, the Liuliu Seaweed Cooperative Society, on Liuliu Island in Rambutso, Manus, has produced 115 bags of dried seaweed. The cooperative estimates there are 200 to 300 bags yet to be harvested. The successful concept could be replicated in other islands, with Liuliu being the main distribution centre. (The National)

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The Bina Harbour Tuna Processing Plant in Solomon Islands’ Malaita Province is to be built under a public-private partnership (PPP). It is expected to generate up to US$40 million in foreign direct investment, over 1600 direct jobs, and an annual revenue stream to the country of US$3.5 million.

The International Finance Corporation has been confirmed as lead transaction advisor and will work with the Solomon Islands government to engage a private sector partner to develop, finance, build and operate the plant. (IFC)

Markets

The Papua New Guinea National Exchange (PNGX) has joined the United Nations Sustainable Stock Exchange Initiative.

Government

A new partnership between the Immigration and Citizenship Authority and the Investment Promotion Authority (IPA) will see both state agencies collaborate and share information to improve business compliance. (The National)

Photograph(s) of the week

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Last week, Australian airline Qantas celebrated (with cupcakes and all) its first Brisbane–Port Moresby flight after two years of COVID restrictions. For more, click here.