Papua New Guinea’s Parliament is likely to approve establishing the long-awaited Sovereign Wealth Fund by June, after unanimously voting for its enactment at its first reading last week. The Sovereign Wealth Fund (SWF) is critical for the country’s future, says Paul Barker, Executive Director of the Institute of National Affairs, an industry-funded PNG think-tank, but says it is crucial that the standard of accountability is high. Globally, there are about 78 SWFs, with a combined

Papua New Guinea is well positioned to benefit from rising LNG demand, despite falling prices, InterOil’s Managing Director Michael Hession tells Business Advantage PNG. InterOil’s Hession has told Business Advantage PNG he doubts the recent fall in global oil and gas prices will affect InterOil’s plans for the prospective second LNG project, the Elk-Antelope fields. ‘We don’t expect near-term production revenue to be affected by falling oil prices and LNG production from Elk-Antelope is scheduled

Certificate III in Metal Fabrication & Welding now available Prepared for the LCCI by Debra Stirling (Centre of Excellence Taskforce) The first public sector, technical trades’ apprenticeship training in Lae for over 20 years gets underway next month at the National Polytechnic Institute of PNG (“Lae Polytech”). There are still a handful of the 16 places available. A second course will commence a short period later. These initial courses, a Certificate III in Metal Fabrication

Last week, independent arbitration upheld InterOil’s decision to sell a gross 40% shareholding in the Elk-Antelope LNG project to French super major, Total SA. Total’s Managing Director in PNG, Philippe Blanchard, talks exclusively to Business Advantage PNG about the arbitration result and Total’s plans for the project. Business Advantage PNG (BAPNG): What is your reaction to arbitration ruling? Are you happy with the ruling? Philippe Blanchard (PB): Yes, because the claim was that the transaction

The Wafi-Golpu gold-copper project in Papua New Guinea’s Morobe Province is a bright spot in an otherwise tight mining environment. The Morobe Mining Joint Venture partners believe it will be one of the world’s lowest cost gold projects, and expect production to begin in 2020. Morobe Mining Joint Venture (MMJV) has estimated that the first stage of the Wafi-Golpu gold-copper project in Morobe Province of PNG will cost US$2.3 billion (K5.9 billion) to develop, less

A commitment to growth throughout the Pacific region has continued for Papua New Guinea-based Bank of South Pacific, with the acquisition of new Pacific operations from Westpac and launch of a new subsidiary. Bank of South Pacific’s (BSP) regional expansion has taken a significant step forward with the acquisition of several Westpac operations in the Pacific, and the launch of a new asset finance subsidiary, BSP Finance. PNG-based BSP has agreed to buy Westpac’s banking

Services companies and contractors are often a casualty of a mining industry downturn. Business Advantage PNG talks to companies servicing the sector in Papua New Guinea on how they have coped with the downturn, and the potential for a turnaround in the country. Despite difficult conditions in Papua New Guinea’s mining industry, Lihirian landowner company, Anitua Mining Services, is hopeful of a rebound and is considering a number of new opportunities that would grow its

LAE NADZAB ROAD The last settlement house at 9 mile will be removed today and PNG Power will be cutting the power to the old line, and be energizing the new lines. See the PPL Notice as attached to this newsletter of power disruptions in this area over the weekend. Whilst the power is off, the tree cutter will take advantage to cut the tops of some of the trees in the 3 mile area.