Treasury Minister Don Polye received the Order of Saint Michael and Saint George (CMG) from Governor-General Sir Michael Ogio at Government House yesterday.
Polye was given the award by the Queen for his “services to the people of Kandep and PNG as a whole”.
He had served as deputy Prime Minister in the former government led by Sir Michael Somare. Vice-minister for Treasury and Sohe MP Delilah Gore was at the ceremony.
“This gives me the humble feeling to continue provide service to the people of this country, my family and those that are around me and importantly the people of Kandep who elected me,” Polye said.
“It gives me the mandate to perform and enhance my contribution in the meaningful way to the people of this great nation.” He said the value of the award was not in the medal but in his heart. Polye said all must share prosperity in the country. He called on the business people including women and youth to actively participate in business
THE Microfinance Pasifika Network announced the fourth Pacific microfinance week 2013 (PMW 2013) to be held in Nadi, Fiji, from Oct 21-29.
This follows the inaugural Pacific microfinance week in Port Moresby in 2007 and the one held in Vanuatu in 2011.
PMW 2013 will be a weeklong series of events, meetings and gatherings of a range of organisations and individuals who want to promote the provision of inclusive and sustainable financial services in the Pacific.
Attending the event are more than 150 delegates representing microfinance institutions, domestic government agencies, credit unions, community-based institutions, commercial banks, mobile network operators, central banks and regulators, development banks, insurance companies, educational and research institutions, donor groups, NGOs, hardware and software providers, consultants and professional service firms.
Papua New Guinea will be represented by a number of organisations including Bank Papua New Guinea, Nationwide Microbank, Microfinance Expansion Project, PNG Institute of Banking and Business Management Inc, PNG Women in Coffee Inc and consultative implementation and monitoring council.
“Several PNG speakers would address Pacific delegates with insights on significant issues influencing access to financial services, including creative and practical ways to build women’s leadership in the sector and best practice in financial literacy education as shown by the PNG Centre for Excellence in Financial Inclusion,” Foundation for Development Cooperation (FDC) network manager Shawn Hunter said.
The PMW 2013 is organised by FDC, together with major event sponsors including Pacific Financial Inclusion Programme, Asian Development Bank and International Finance Corporation.
CONSTRUCTION work began last Friday on Air Niugini’s new eight-storey, 60-room residential apartments at the Jackson Airport complex..
The apartment project is expected to reduce the national airline’s monthly expenses on staff housing and accommodation costs of more than K3 million.
The location of the building next to the Air Niugini head office near Jackson Airport is expected to improve on-time performance of the airline’s pilots and cabin crews since they would be residing close to the airport.
Acting chairman Sir Fredrick Reiher said it was critical for the airline to develop its own assets for the management to produce greater in-house efficiencies.
“Cost savings that could flow into generating better customer experiences actually begin with a project like this,” he said.
Chief executive officer Simon Foo said the new building was closely aligned with the company’s strategy to reduce operating costs, while building a stronger asset base.
“We are under enormous and continuous pressure to cut airfares and the only way to do this is to rationalise and consolidate our operating costs,” he said.
He said Air Niugini was among a few airlines in the world that had to provide housing for its staff.
“We have hundreds of staff members and their families scattered all over Port Moresby in all sorts of accommodation and as you can imagine that the administrative costs associated with this arrangement are burdensome,” Foo said.
The project is scheduled to be completed in 2015.
The residential tower is being built by Matrix Constructions PNG and will feature a mix of one-two and three bedroom apartments, a cafe, gymnasium and swimming pool.
The project is scheduled to be completed in 2015.
Port Moresby: Esso Highlands Limited (EHL), operator of the PNG LNG project, said today the
project is more than 90 percent complete and is on schedule for first delivery of liquefied natural
gas (LNG) during the second half of 2014.
“With more than 19,000 people currently working across the project, including more than 7,500
Papua New Guineans, we are making significant progress,” said Decie Autin, PNG LNG project
“Antonov cargo aircraft operations into Komo airfield were completed on 13 August 2013, and
installation of equipment delivered from Komo to the Hides Gas Conditioning Plant is currently
“We have started the commissioning phase at the LNG plant in preparation for the first LNG
production in 2014. This includes sending gas from Oil Search’s Kutubu Central Processing
Facility to the LNG plant to provide power and enable testing and commissioning of key facilities
“Drilling at Wellpad B is complete, and the drilling rig is being moved to the next wellpad to
support further drilling activity,” Ms Autin said.
As forecasted last year, the estimated cost of the project remains at US$19 billion (excluding
Port Moresby administration facilities and shipping), reflecting disciplined project management
in a unique and challenging working environment.
“ExxonMobil successfully develops projects around the world under a broad range of technical,
operational and financial conditions,” Ms Autin said. “The project has been able to maintain its
schedule in PNG under unique and challenging circumstances. Our focus on disciplined project
execution has allowed us to meet our scheduling commitments without further cost increases.”
EHL continues to assess and advance new expansion and development opportunities in PNG
There are several products made in Papua New Guinea. Much of PNG’s
manufactured produce is aimed at a domestic consumer market that is growing so rapidly—albeit from a low base—that many local manufacturers are struggling to meet demand. Many producers also cater to the business-to-business market, especially the booming mining, petroleum and construction sectors.
Download the following file to see the products made in PNG.
|File Size: ||527 kb|
|File Type: || pdf|
Port Moresby (The Post Courier): THE Papua New Guinea manufacturing sector has lashed out at the Australian government for allegedly overlooking local companies in the construction phase of the Manus Island asylum seeker centre.
Chey Schovell, the Manufacturers Council of PNG CEO, said he was baffled by the silence from the PNG and Australian governments on the involvement of the PNG private sector in the construction and supply of general goods and services for the asylum seeker centre.
“It is as confusing as it is disappointing that despite offering a quality product at competitive prices, local businesses are not even being offered the opportunity to quote on all or part of the supply for goods and services for the processing centre in Manus,” he added.
However, Australia’s Department of Immigration and Citizenship (DIAC) in response to queries from the Post-Courier said all contractors and service providers on Manus Island were advised to use local providers and labour where possible.
“It is the department’s intention to undertake approaches to the market for any further significant permanent accommodation requirements for the site, wherever schedules permit,” the department said and added that the tight timeframes and the logistics to provide more accommodation compelled it to engage the services of Toll Remote Logistics.
Toll Remote Logistics is a subsidiary of the Toll Group, Australia’s largest transport company based in Melbourne, Australia and currently operating in over 55 countries worldwide.
The Australian government department has also engaged Red Sea Housing, another global company specialising in the manufacture of buildings
with a huge presence in the Middle East. Defending the company’s engagement, DIAC said Red Sea Housing had experience in fast delivery and working in PNG. Accommodation modules will also be sourced from PNG and the department has consulted local businesses and plans to conduct business briefings in Port Moresby, Lae and
Manus before the end of the month.
But Mr Scovell, in reference to last month’s SME summit in Madang, said the engagement of PNG-made housing and building materials in the construction phase was an opportunity for the PNG government to show its commitment to supporting local industries.
“Despite various obligations under numerous treaties and regulations, it seems that the Australian government is sole sourcing or selectively tendering the opportunities and giving no consideration to PNG businesses,” he added.
More Papua New Guinean investments are happening outside its shores, with the latest being a ground breaking ceremony over the weekend to build a five star resort on the Taumeasina Island just off the Samoan capital of Apia.
Enga Governor Peter Ipatas led a delegation on behalf of Prime Minister Peter O'Neil, to meet Samoan Prime Minsiter Tuilaepa Sailele Malielegaoi to mark the start of work on the project.
The hotel will be built by the Lamana Group and its partners NASFUND and the Mineral Resources Development MRDC.
Speaking at the ground breaking ceremony Governor Ipatas praised the stability of the government and economy of Samoa and thanked the government and people of Samoa adding that this has provided the right climate for investment.
Mr Ipatas said the economy of Samoa has remained strong under Prime Minister Tuilaepa since 1998 and investors look for such stability when making big investment decisions.
Ipatas said the economy of PNG expects to double in 2015 onwards and such growth and stable government has allowed PNG companies and financial institutions to prosper.
The Enga governor said that is why Prime Minister Peter O'Neil has encourgaed PNG companies and institutions to not only expand at home but look beyond our borders to invest.
SYDNEY - Osaka Gas Co. Ltd. has agreed to pay up to US$204 million to acquire stakes in natural gas assets in Papua New Guinea owned by Horizon Oil Ltd., in the latest bet by an international energy company on the country's potential as a supplier of clean-burning fuels.
Japan is the world's biggest importer of liquefied natural gas – a natural gas cooled to a liquid so it can be transported by ship – and its utilities have been seeking supplies as a cheaper alternative to oil in power generation. Japanese companies are also keen to lock in new sources of gas to replace some existing supply deals, which are coming to an end as fields become depleted, and as a possible substitute for nuclear power.
Horizon Oil and partners including Japan's Mitsubishi Corp. and Canada's Talisman Energy Inc. are looking to combine natural gas from several fields in the flat forelands region of Papua New Guinea, and send the gas by pipeline to a proposed processing facility on the coast for export to Asia.
Mitsubishi took a first foothold in Papua New Guinea early last year, spending US$280 million to buy stakes in several discoveries and exploration blocks from Talisman.
Papua New Guinea – a Southeast Asian country best known for its jungles and tribal society – is set to become the world's newest significant energy exporter next year when the US$19 billion PNG LNG facility operated by ExxonMobil Corp. starts up.
Much of Papua New Guinea is lightly explored for oil and natural gas, increasing its appeal to overseas investors. Unlike rival LNG suppliers in the Middle East, shipments to Asia from Papua New Guinea won't pass through the Malacca Strait choke point near Singapore and freight charges are lower.
Wood Mackenzie, a U.K.-based consultancy, estimates Papua New Guinea has 26 trillion cubic feet of natural gas – roughly equivalent to the amount of the clean-burning fuel that the U.S. consumes in a year.
Horizon Oil and its partners aren't alone in considering new export terminals. U.S.-based InterOil Corp. is promoting plans for a new gas-export plant further along the coast and is actively seeking an investor with experience in operating such a facility to share development costs.
Brent Emmett, Horizon Oil's chief executive, said Osaka Gas's experience in the LNG industry and gas-distribution network made it a compelling partner in Papua New Guinea.
The deal involves Osaka Gas buying 40% of Horizon's assets in the country. Sydney-based Horizon Oil will receive an upfront cash payment of US$74 million, and a further US$130 million if a decision is made to build the LNG export project.
Horizon Oil and partners have already made three discoveries in Papua New Guinea totaling more than 1.2 trillion cubic feet of natural gas combined. Separately, Talisman and Mitsubishi have found around 1 trillion cubic feet of natural gas further to the south.
Energy companies typically look for 1 trillion cubic feet of natural gas reserves for each million ton of annual LNG capacity they plan to build.
"Together, we have enough reserves at the low end to underwrite the planned plant at Daru," a port that is the capital of Papua New Guinea's Western Province, Mr. Emmett said.
However, the companies are continuing to drill in the region to find more gas to support plans for a facility with an annual production capacity of 3-4 million metric tons of liquefied natural gas, he said
Papua New Guinea’s trade minister says he is no longer interested in discussing joint ventures with New Zealand businesses.
Richard Maru visited New Zealand last October and expressed a desire to have New Zealand companies invest in dairy and sheep meat farming and geothermal power production.
He said at the time he wanted to establish joint ventures to create opportunities and wealth in PNG’s rural heartland.
But Mr Maru says no New Zealand company got in touch and he is now looking elsewhere.
“We came to New Zealand we tell you we would like to get some sort of provision to start a dairy industry, there is no interest from New Zealand. You want us to continue to be a market for yourselves. You don’t want to help us build capacity so we can stop importing your dairy products see. That’s the problem. Those days are past. We will not accept this nonsense anymore.”Richard Maru earlier this week said PNG should pull out of the PACER Plus plan for a Pacific common market because it favoured New Zealand and Australia at the expense of the island countries.
PAPUA New Guinea’s economic growth will slow down to 4.5% this year, a marked reduction from the 9.2% of last year and 11.1% of 2011, according to the Asian Development Bank (ADB).
However, ADB vice-president Stephen Groff told The National on Tuesday that the bank remained confident in the future of PNG.
Groff said PNG’s growth over the past 10 years had been very positive.
“If you look back over the last decade, PNG has been one of the fastest-growing economies in the Pacific and in Asia,” he said.
“Last year, we had growth of 9.2%; the year before (2011) you had growth of 11.1%, that’s all been very, very positive.
“There is the maturing of the mineral and oil operations and scaling down of the LNG construction, which are the two main drivers of what we forecast to have a reduced levels of growth this year,” he said.
“We’re quite confident in the general medium-term outlook for the PNG economy.
“We think that the fundamentals are good.
“We think that PNG can grow, but it’s going to be a bit of a different situation for the country.”
Groff, however, said PNG had failed to turn its economic growth into benefits for all people.
“The challenge for PNG has been translating that growth into benefits for poor people and in real change to the lives of poor people in the country,” he said.
“Another word for that is inclusive growth, meaning growth that benefits all sectors of the community.
“Evidence of the growth not being as inclusive as it might have been is not on target to meet the Millennium Development Goals (MDGs) by 2015.
“That’s clear indication that the government and donor partners have not been able to sort out how best do you translate this economic growth into inclusive growth.”
The United Nations MDGs are eight goals that all 191 UN member states have agreed to try to achieve by the year 2015.
The United Nations Millennium Declaration signed in September 2000 commits world leaders to combat poverty, hunger, disease, illiteracy, environmental degradation and discrimination against women.
The MDGs are derived from this declaration and all have specific targets and indicators.