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The Independent Consumer and Competition Commission has reportedly declined to give China Navigation Company clearance to acquire New Pacific Line, the commission said in a statement. China Navigation had applied to acquire the business and assets of NewPac.

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PNG is reportedly making progress in teeing up a debut US dollar sovereign bond as it looks to end a remarkable 20-year journey to the international capital markets. The government  is said to be targeting a US$500million-$1 billion issue as early as October. Citigroup and Credit Suisse are among the banks working on the deal, according to sources, who added that no official mandate has been announced. S&P Global Ratings assigned its ‘B’ long-term foreign currency rating to the US dollar notes to be issued.

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Metals Refining Operations, a wholly owned subsidiary of Pacific Balanced Fund, is set to commence toll refining operations by mid-2019. The toll refining operations will allow MROL to bring dore gold from major mines in the country such as Porgera, Lihir and Harmony in Wau for refining and export into Hong Kong for distribution in the Chinese market.

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In other metals news, Metals Refining Operations is reportedly working closely with microfinance bank MiBank to capture money generated in the growing alluvial mining sector. Managing director for MRO, Hansel Maven, said a large portion of the alluvial mining community continues to be left out of formal financial systems due to the lack of financial inclusion for the mostly rural based miners.

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Deputy Prime Minister and Treasurer Charles Abel says the 2018 budget marks the beginning of a plan to address a falling revenue trend, and the 2019 revenue strategy will ride on the back of the progress made in 2018. Abel told Parliament the medium-term revenue strategy was focused on improving tax revenues and tax administration, ‘and harmonising and simplifying tax legislation and tax policies’.

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Coffee processing in PNG.

The Coffee Industry Corporation (CIC) has started a consultation process for a new industry strategic plan for the next 10 years. The first ‘visioning’ workshop was held in Goroka on August 2-3. Chief executive officer Charles Dambui said the industry regulating agency is employing a consultative process to ensure that the final documentation represents all parties—including growers, who are the main stakeholders in the value chain.

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APEC Minister Justin Tkatchkeno says the biggest issue facing the country when it hosts the November leaders’ summit will be finding space to park large aircraft such as Boeing 747s. Tkatchkeno reportedly told Parliament that Jacksons International Airport will not be able to park all visiting aircraft.

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As reported in upstreamonline.com, pressure is on in Papua New Guinea to complete crucial negotiations on fiscal terms that will underpin the multi-billion-dollar PNG LNG expansion and the Papua LNG project. Oil Search Chief Executive Peter Botten has reportedly said the Prime Minister Peter O’Neill has expressed his expectation that he will make ‘a material announcement’ on LNG investment during the APEC forum.

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Some of the participants at the sago workshop held in Morobe.

A community in Morobe is hoping to develop their sago industry as a viable alternative to flour. The community in Labu-Tale, Huon Gulf, has recently taken part in a workshop on sago processing and preservation. The workshop was conducted in August through the Momase Governors Council Secretariat.

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Foreign exchange exemptions for multinational companies—which were granted for the PNG LNG project—will be ‘corrected’ in the negotiations for the Papua LNG, the Deputy Prime Minister and Treasurer Charles Abel has reportedly said. He was responding to questions from Opposition Leader Patrick Pruaitch on ExxonMobil’s exemption from BPNG regulations.

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Kina Bank is opening an online account opening service. Customers will be able to instantly apply for a bank account with what the bank claims is a ‘new fast, secure online activation process’. Customers will fill in their details online, then upload copies of their identification documents for Kina staff to verify.

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A delegation from Papua New Guinea visited Vanuatu last week to learn more about how to further develop the handicraft and cruise tourism sectors in PNG. Delegates were also able to see firsthand the impact of donor supported programs on the island’s tourism sub-sector.

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Photograph of the week

The new Hilton Hotel in Port Moresby is getting closer towards completion. Source: BAPNG