Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.

Credit: Department of Prime Minister & NEC via Facebook

Ports & shipping

More than 30 applicants, including four PNG exporters and three business importing PNG goods have received a grant of up to K6807 (A$2500) from Pacific Trade Invest initiative COVID-19 Freight Package, which was created to help offset freight costs incurred in 2021. (Post-Courier)

COVID-19

PNG DataCo is set to launch a COVID-19 website with PNG IT solutions company INDTechLabs. The website aims to make conscience among Papua New Guineas about the COVID-19 pandemic, the niupela pasin or new normal and information from the Department of Health and the World Health Organisations.

PNG DataCo’s CEO Paul Komboi reportedly told Post-Courier that ‘COVID-19 is here to stay and we have to stop blaming COVID-19 for the delays in our development and we have to learn to live with it by following the new normal or niupela pasin.’

National

Transparency International PNG has joined forces with furniture retailer FairPrice to fight corruption in the country in the SME Category. (Post-Courier)

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In preparation for next year’s National Elections, the Electoral Boundary Commission, which last functioned in 2018, has been reactivated with the aim of reviewing electorate boundaries.

‘We need to revisit the electoral boundaries as population has grown since the last time the Government approved the Boundary Commission’s report in 1977,’ said Acting Electoral Commissioner Simon Sinai. (The National)

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The economy will remain sluggish without advancements in the Wafi-Golpu and P’nyang projects, reportedly said Ian Tarutia, NASFUND’s CEO. He said that although the superfund was ‘encouraged’ by the news on Porgera’s reopening ‘immediate impacts will not be felt at this time because the lead time in relation to other formalities that have to be concluded.’ (The National)

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Prime Minister Marape has unveiled the plans for the Somare Peace & Unity Park in Port Moresby, which be constructed opposite the National Parliament at Waigani. The park, Marape said in a statement, ‘would be an institution celebrating the life of our Founding Father for generations to come.’ Marape also said that the Somare Foundation will be revived and that Cabinet allocated K3 million for the foundation last year. (Department of Prime Minister & NEC)

Energy & mining

The company Kroton Equity Holdings Ltd (KEHL) was established last week. It is owned by the five provincial governments (Gulf, Hela, Southern Highlands, Western and Central) impacted by the PNG LNG project. KEHL now holds 4.27 per cent interest in the project and is expected to generate between K300 million to K500 million depending on the oil price. (The National)

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Kumul Petroleum Holdings Ltd (KPHL) has been awarded ownership of three petroleum retention licenses in the gas fields of Kimu, Barikewa and Uramu. The three fields, according to LOOP PNG, ‘have a best estimate of contingent resources (2C) of slightly over 2 trillion cubic feet of gas with approximately 50-60 million barrels condensate.’ During the ceremony, Managing Director of KPHL Wapu Sonk said Kumul Petroleum would find ‘cost-effective ways to commercialise these fields’.

Tourism

Only 39,000 international visitors arrive in PNG last year, according to the exit survey conducted by PNG Tourism Promotion Authority; that is 170,000 fewer visitors than in 2019. The exit survey also revealed tourism spent K156 million in the country, which equates to K560 million less than in 2019, when tourists spent K715 million.’ (The National)

Banking

Last week during an extraordinary General Meeting the shareholders of Kina Securities Ltd voted in favour of the acquisition of Westpac PNG and Westpac Fiji by Kina Bank. The acquisition still needs regulatory approval in Fiji and PNG. (LOOP PNG)