Special Mining Lease application for the Porgera mine lodged, Japanese company JX Nippon to hold a stake of Papua LNG, and Papua New Guinea’s first green finance policy launched. Your business news in summary.

The Papua LNG team lodges its Petroleum Development License application. Credit: supplied

Energy & mining

Last week, the mining company New Porgera Limited (NPL) took a significant step to the reopening of the Porgera mine in Enga Province when it lodged the Special Mining Lease Application for the mine and supporting tenements with the Mineral Resource Authority (MRA). The MRA will assess the documentation and work with other State agencies and NPL to complete the assessment process.

Meanwhile, Barrick Gold‘s CEO, Mark Bristow, said in a statement that Barrick Niugini, as operator of the mine, is ‘undertaking certain preparatory work on the processing plant with support of the MRA’ and in building a committed team of locals. (New Porgera Limited)

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In a related development, Barrick Niugini and the Internal Revenue Commission have announced that they have settled ‘all disputes and issues relating to old Porgera tax matters on terms satisfactory to the parties’. (Internal Revenue Commission)

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TotalEnergies has submitted the required application for a Petroleum Development License for Papua LNG to the Department of Petroleum and Energy. The project aims to reach a final investment decision) in early 2024.

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Meanwhile, TotalEnergies has also agreed to sell a 2.58 per cent stake in the project to Japanese firm JX Nippon Oil & Gas Exploration. The Japanese company already holds 4.7 per cent interest in the ExxonMobil-led PNG LNG project. The transaction is subject to the approval of PNG’s Department of Petroleum and Energy. (JX Nippon)

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The MRA and ExxonMobil have signed a memorandum of understanding in which ExxonMobil commits to supplying imported jet fuel from Singapore to PNG for the next 16 months. The idea behind this is having ‘ExxonMobil would exclusively develop the downstream, processing of the oil and gas industry in the country,’ reportedly said PNG Prime Minister James Marape during the signing of the agreement.  (The National)

National

Sir Kostas Constantinou. Credit: Air Niugini

Prominent PNG business figure, Sir Kostas Constantinou, passed away in Brisbane over the weekend.

The head of the Constantinou Group of Companies was a cherished business leader who also served on several boards, including as Chairman of Air Niugini and BSP Financial Group Limited.

‘Beyond all of his achievements in business, in community development and diplomacy, Sir Kostas Constantinou was the leader of our family who shared his love and his wisdom so warmly,’ his family said in a release.

‘We are all left with a terrible loss in our lives with his passing.’  (Constantinou Group of Companies)

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Aviation

On 13 June PNG Air suspended all flights to and from Wapenamanda Airport in Enga Province because of civil unrest in the region. In a statement, the airline said the suspension will remain in place indefinitely, until the airline can guarantee safe operations. At the time of writing, PNG Air was yet to announce a reopening date. (PNG Air)

Economy

PNG’s first Inclusive Green Finance Policy has been launched by Bank of PNG Acting Governor, Elizabeth Genia.

‘Green finance enhances energy security, by reducing dependence on fossil fuels and promoting the use of renewable energy sources. It also improves public health, by curbing pollution and promoting cleaner air and water,’ said Genia.

The Bank of PNG and its partners are planning a Green Finance Centre at the CEFI (Centre for Excellence in Financial Inclusion), to provide support to green finance initiatives. (Bank of PNG)

Travel

PNG Prime Minister James Marape has presented to Parliament a reciprocal visa agreement between China and PNG for ratification. The waiver will facilitate travel for both business and pleasure between both countries. (PMNEC)