Port Moresby Chamber applauds development of Northern Australia, Papua New Guinea well-placed on global LNG stage, and SP Brewery launches new brew. Your weekly digest of the latest business news.

The Port Moresby Chamber of Commerce (POMCCI) has expressed support for the Australian Government’s announcement of a A$1.2 billion funding commitment for the ‘Our North, Our Future: White Paper’ on Developing Northern Australia.

A statement released by POMCCI said: ‘As Cairns is just under an hour’s flying from PNG, such visionary thinking, coupled with the proposed multi-billion dollar AQUIS Resort development near Yorkey’s Knob, has to be of interest to our own membership.’

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An LNG carrier servicing the PNG LNG project.

Papua New Guinea’s proposed liquefied natural gas (LNG) projects are better placed to compete against upcoming US export ventures than potential projects in Australia due to more favourable economics in the country, according to FACTS Global Energy Chairman Fereidun Fesharaki.

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SP Brewery has launched a new product in Papua New Guinea – SP Export Radler. According to Managing Director, Stan Joyce, the product is a lighter drink that is a mixture between Export Lager beer and natural lemon juice with just two percent alcohol.

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International credit agency Moody’s has warned that PNG could possibly face a downgrade of its credit rating in the future. In its annual report on the country’s economy, Moody’s has kept PNG’s rating at B1 but has posted a negative outlook, saying that the fall in commodity prices means the government needs to exercise caution.

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John Bosco, owner of Bougainville Experience Tours, says the island is recovering from the civil war and people are ready to welcome visitors.

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The Pacific Games Council believes all signs are pointing towards a successful event in Port Moresby next month. Prince Andrew will open the event, which will be held in Papua New Guinea for the first time since 1991.

Meanwhile, a bamboo baton has passed from hand to hand across PNG, from Rabaul to Kokopo to Bougainville, as a ceremonial relay covers the country in the lead-up to the Pacific Games.

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The view over the Wafi-Golpu project area. Credit: Newcrest Mining.

The Post-Courier reports that the Mineral Resources Authority (MRA) has handed over K90,000 to the Wafi-Golpu Project to support capacity building programs for landowner communities.

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Papua New Guinea has offered to host the next Leaders’ Summit for the African, Caribbean and Pacific (ACP) Group of States in 2016. PM Peter O’Neill said that several of the more challenging issues facing ACP countries around the world included ‘matters relating to economic development, and collective perspectives on dealing with climate change and pandemic disease’.

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Frontier Resources, which owns eight exploration licences in PNG, has terminated negotiations with Gold Ridge Community Investment Ltd (GCIL) to acquire an 80% interest in the Gold Ridge project on the Solomon Islands.

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The Frieda River project in Sandaun Province. Credit: Xstrata Copper

Landowners of the Frieda River copper-gold project have expressed the intention to take up a 25% interest in the multi-million-kina venture located between the East and West Sepik provinces. China’s Guandong Rising Asset Management (GRAM) owns more than 80% after acquiring Australian miner Pan Aust Ltd last month.

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The Department of Agriculture and Livestock says the PNG Government will ensure that its PNG Rice Policy 2015–2030 improves the lives of its growing population, adding that the recently implemented policy would guide the government to create revenue opportunities for people through rice production, The National newspaper reports.

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The PNG LNG project is not the answer to all of Papua New Guinea’s economic problems, says Finance Minister James Marape. According to The National newspaper, Marape said the project was a ‘myth’ in the sense that it would not bring solutions to all economic issues.

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Kina Petroleum Ltd (KPL) has announced the spud of the Kwila-1 exploration well in petroleum prospecting licence (PPL 337) near Madang. Under a farm-out agreement, joint venture partner and operators, Heritage Oil Ltd, will carry KPL through drilling and, potentially, testing of two wells.

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Most of Fiji’s 12,000 sugar cane farmers are more than 50 years old, according to Bala Dass, the General Secretary of Fiji’s Cane Growers Association. Dass added that Fiji’s younger generation had moved away from the industry for ‘white collar jobs’.

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The Miss Madang Pageant raised K24,000 for the Haus Timbuna Museum.

And finally… Regina Tomtal has been named the winner of the Miss Madang Pageant. Place getters at the event, which raised K24,000 for the Haus Timbuna Museum, included Linda Basham (runner-up) and Zamika Werror Ado (also people’s choice winner).