BSP Financial Group Limited receives approval to list on the ASX; a new State Negotiating team to be reappointed to the P’nyang gas project, and Joint post-referendum talks between government and Bougainville fruitful. The business news in brief.

ARB’s President Ishmael Toroama [left] and Prime Minister James Marape right]. Credit: Department of Prime Minister & NEC via Facebook

Banking & Finance

BSP Financial Group Limited’s application to list on the Australian Stock Exchange (ASX) was approved last week, announced BSP’s Group Chairman, Sir Kostas G. Constantinou, in a PNGX Market Announcement. (PNGX)

National

The Trafigura Group’s proposal for acquisition of further interest in Puma Energy Group has been cleared by the Independent Consumer and Competition Commission (ICCC). The ICCC Commissioner and Chief Executive Officer, Paulus Ain, reportedly said that the proposed acquisition will only ‘result in the change of ownership and controlling interest within Puma’ and will not have a ‘serious effect’ on the markets.

‘In view of the above discussions and considerations based on available information the ICCC wishes to inform all concerned parties that the ICCC is satisfied that the proposed acquisition of further interest in Puma by Trafigura will not have, and will not be likely to have, the effect of substantially lessening competition in any markets(s) in PNG,’ Ain added. (Post-Courier)

Resources

A State Negotiating Team will be appointed to re-start negotiations with ExxonMobil on the US$11 billion P’nyang gas project, reportedly said Petroleum Minister Kerenga Kua. He also said that the government is committed to close negotiations before the third quarter of the year.

‘The P’nyang gas development will have a huge impact on the monetisation of other smaller standed gas fields in the Western and Gulf provinces and can be aggregated as a stand-alone, used as a backfill for the PNG LNG project together with Juha and Muruk in the Northwest fold-belt as a utilised project of deliver alongside the Papua LNG as initially planned’. (Post-Courier)

***

Petroleum Minister Kua is expecting Total E&P (PNG) to have the pre-FEED of Papua LNG by the end of the year and FEED in 2022. This timeline would suggest that FID would be in 2023 and the first gas in 2027, according to the Post-Courier. Kua said that PNG has the capacity to bring up the total LNG production in the country to 13.5 MTA from 8.1 MTA. ‘Once, Papua LNG comes online, PNG will displace Oman (19.3 MTA), Algeria (12.2 MTA), Trinidad & Tobago (12.5 MTA) and move closer to Indonesia (15.5 MTA).

‘PNG still has the potential to displace Indonesia if P’nyang LNG Project (2.7MTA) negotiations can be concluded sooner and be integrated with Papua LNG and PNG LNG.’ (Post-Courier)

***

Mayur Resources has successfully raised AUD2.5 million in a capital raising to ‘existing shareholders, high net worth investors and new institutional investors’.

‘These funds will provide additional cashflow runway to enable us to execute our disaggregation strategy while continuing to progress strategic investor and offtake agreement discussions relating to Mayur Iron’s Orokolo Bay Project, and the Central Cement and Lime project,’ said Managing Director Paul Mulder in a statement. (Mayur Resources)

Energy

The Australian High Commissioner, Jon Philp, has announced commencement of three electrification projects in Morobe, Northern, Western and West Sepik provinces. The projects funded through the Pawarim Komunity Off-grid Electrification Program, part of the PNG-Australia Partnerrship. (LOOP PNG)

Telecommunications

Detail of Bmobile’s ad at Jacksons International Airport. Credit: BAI

Telecommunication company bmobile launched last week the second phase of its free SIM card offer (4GLTE Blue SIM). Each card comes preloaded with the Moa Week Pack and saves K10 to users. According to The National, the promotion aims to help customers navigate the financial challenges brought upon by the COVID-19 pandemic. (The National)

Agribusiness

The Busiba-South Bougainville Corporation Ltd, the business arm of South Bougainville, has received a cocoa export license. This means South Bougainville, which is considered the biggest cocoa producer in the Autonomous Region of Bougainville, will now be able to export cocoa from the Kangu Wharf. The license was handed over to Joshua Bakirie, Busiba-South Bougainville Corporation’s Chairman, who also received K200,000 on behalf of the government to help support the cocoa business in the region. (The National)

Bougainville

During the Joint Governmental Post Referendum consultation process that took place last week in Kokopo between the Autonomous Region of Bougainville (ARB) and PNG’s government, Prime Minister Marape confirmed its commitment to the consultation process but highlighted that it is the National Parliament of PNG that has to ratify the referendum vote (97.7 per cent of Bougainvilleans voted for independence in 2019). President Toroama would like independence to be granted in June 2025.

‘I assure President Toroama and the people of Bougainville that the overwhelming results of the referendum will not be diluted and my government will respect this outcome,’ said Marape. ‘The joint consultations must find a process that clearly indicate a way forward for the people of Bougainville as well as the rest of the country.’ (ABG)