PNG NEWS BLOG

STUDY TO BEGIN ON FEASIBILITY OF BILATERAL TRADE BETWEEN PAPUA NEW GUINEA AND AUSTRALIA by NBC News PNG, 30 January 2023. A full feasibility study on the bilateral trade between Papua New Guinea and Australia is set to commence soon. Minister for International Trade and Investment, Richard Maru announced this, ahead of a meeting between the two countries next month. Mr. Maru outlined that despite market access offered under established arrangements, like the PNG-Australia Trade and Economic Relations Agreement signed in 1970s and the recent South Pacific Regional Trade and Economic Corporation Agreement in PNG, these have not served their purpose to increase the country's exports.  He said there are issues hindering PNG exports to the Australian market. Currently, the only commodity group enjoying increased market share in Australia is gold, copper and other precious metals. Minister Maru said it is very critical to assess and address issues to improve trade and investment between ...

PAPUA NEW GUINEA! BEWARE OF THIS CHEAP DRINK IN TOWN. TOKSAVE LONG WANTOK NA FAMILI MEMBER LONG NOKEN BAIM DISPELA DRINK BILONG OL KONGKONG.  DON'T SUPPORT THIS MANUFACTURER IN BUYING THIS PRODUCT. Wesley Wilson 26 January 2023. I just want to point somethings out from this wasa drink product package. I know I'm not the only one who have noticed this. So the product name is WASA DRINK, and Wasa means K1 right? It's a cheap K1 juice drink. You also see an African tribal mask on the face of the product which I don't know the significance of.  Maybe the Chinese manufacturer thought he could fool us by making us think it's a local PNG tribal mask so we would all trust and buy it? I also found this logo art to be a vector logo template which they got off the internet.  Now the one thing that stands out to me is that they forgot to edit their slogan in.  Now what you see on the product is just " Wasa Drink - Your Slogan ". I don't think these Chinese ...

  LARGEST SCAM IN PNG HISTORY by  SAM J KAUPA Source link:  PNGBLOGS THE DEMISE OF OROGEN MINERALS AND THE EMERGENCE OF OIL SEARCH HIGH VALUED PNG COMPANY - OROGEN MINERALS WAS MERGED WITH UNKNOWN AUSTRALIA’S OIL SEARCH TO ACCESS HIGH VALUED PNG MINERALS AND HYDRO CARBON ASSETS – UNDER THE PRETEXT OF THE NOW BOTCHED PNG TO QUEENSLAND GAS PIPELINE PROJECT WITH EXXON MOBIL. Mineral Resources Development Company Limited (MRDC) was established in 1975 and was 100% owned by the Government of Papua New Guinea. It was initially established as the State Nominee to acquire the State and Landowner equity interests in mining and petroleum projects and to manage the equity funds for landowner companies from the major resource development areas of PNG. In 1996, during Sir Julius Chan’s term as PM, the major interests of MRDC were partially privatised, through the creation of Orogen Minerals Limited (OML), of which the MRDC held a 51% controlling shareholding. In April 2002 during the ...

  Hon. Richard Maru, MP "PNG Kina was stronger than the Australian and American Dollar in the early years after independence, though the country had only one mine back then in Bougainville.  Today, we have 8 resource projects, including the LNG project but our Kina value is so weak, we have the highest number of unemployment with 85% of our young people unemployed, and the highest level of debts since independence.  This is because we have failed to build the agriculture sector of this country over the last 47 years.  While the resource sector is still important for income and jobs, our future is not in gold and copper and gas as we have seen over the last 47 years, it is in agriculture, fisheries and forestry. We must go back to the land and utilize it." ~Hon. Richard Maru Minister for International Trade and Investment, and Yangoru-Saussia MP

 MINISTER POLYE USES SPORTS TO PROMOTE PNG PRODUCTS OVERSEAS The PNG Kumuls are not only worthy ambassador of the country in the rugby league space but also in trade and promoting PNG products overseas, says Sports Minister Don Pomb Polye. Taking a cue from Prime Minister, James Marape's recent four-nation tour, Minister Polye is integrating sports, higher education, trade and economic development for the country's progress in his ministerial engagement overseas.  Using sports as a platform, PNG Coffee has been promoted in the UK market, he said. He is in the United Kingdom with the Kumuls team. Polye clarified that he was not duplicating duties of other fellow ministries, saying sports and trade are related. He said PNG's acting High Commissioner to UK, Mr Joseph Varo and him were treated to a PNG coffee tasting program. "Our PNG coffee promoter and CIC overseas Representative, Mr Mick Wheeler sponsored by International Trade Centre (ITC) - UN and UKAID had arranged U...

SANTOS AGREES TO SELL 5% STAKE IN PNG LNG TO STATE-OWNED KUMUL FOR $1.1 BILLION  Reporting by Sonali Paul, Editing by Louise Heavens  Source link:  https://www.reuters.com/markets/commodities/santos-agrees-sell-5-stake-png-lng-state-owned-kumul-report-2022-09-26/ MELBOURNE, Sept 26 (Reuters) - Santos Ltd (STO.AX) has agreed to sell a 5% stake in PNG LNG to Papua New Guinea's state-owned Kumul Petroleum for $1.1 billion in a deal to be announced on Tuesday, the Australian Financial Review reported late on Monday. Santos declined to confirm the report. Kumul Petroleum could not be reached outside office hours. Santos said in August it expected to reap proceeds from the sale of a 5% stake in PNG LNG "in line with market consensus valuation", which was around $1.5 billion. There had been some speculation that Santos was under pressure to give away 5% of PNG LNG to Kumul Petroleum, but Santos Chief Executive Kevin Gallagher told Reuters in August: "Whoever is going to get...

Japan Ready to Help Papua New Guinea International Trade and Investment Ministry of Papua New Guinea - September 26, 2022. The CEO and Chairman of Japan Development Institute (JDI), Dr. Shoichi Kobayashi met with the Minister for International Trade and Investment, Hon. Richard Maru yesterday in Tokyo to express JDI's keen interest to come to Papua New Guinea (PNG) and help develop a new Special Economic Zone Master Plan for the country and work with partners like the Asian Development Bank (ADB), JICA and the World Bank to build SEZs right across the country.  JDI is an independent private think tank firm based in Tokyo. JDI has been engaged by many Governments in Asia and Africa over the last 40 years to develop SEZs including China, the Philippines, Bangladesh, Tanzania and many others, and have learnt from the successes and failures of SEZ developments and are ready to assist PNG. China is the most successful country in the world, where they now have 2500 SEZs in operation, cre...