Nambawan Super Invests in 'Ethics Symposium'

Nambawan Super has donated K10, 000.00 towards the staging of the “Ethics Symposium” at the Divine Word University in Madang later this year.

The donation was made at a ceremony attended by 72 Business, Management & Accounting students at the Madang campus.

This will be the fourth year for the symposium to be staged and is the first time such a large donation has been made towards assisting with the event.

Nambawan Super Managing Director, Mr Leon Buskens expressed the need for young people such as graduates from Divine Word University to be mindful of ethical issues as they embrace the challenges that will be brought on by multi-million kina projects like the PNG LNG, Ramu Nickel and the Pacific Marine Industrial Zone (PMIZ).

A Environmental Study on Palm Oil in Oro Province & other places

Follow the link below and read this interesting article on RSPO (Roundtable on Sustainable Palm Oil) published by Reportage Enviro.

http://www.reportage-enviro.com/2010/02/wwf-accused-of-greenwashing-palm-oil-production/

AFL PNG Night - A Success

• Picture by Noel Pascoe

I was fortunate enough to attend the AFL PNG night of the year early this month. The function was held at the Grand Palace, RH Mart in Port Moresby with the aim of raising funds for the various objectives AFL PNG has to meet; including the AFL Academy located at the De La Salle College outside Port Moresby.Pictured are some of the Academy members enjoying the night.

The place was packed to the brim....30 tables of 10 were sold at K3000 each -  so in total 300 people attended. The program of the night included a half hour of laughs by an Australian comedian plus a talk by former Kangaroo player, Wayne Carey - known more for his notoriety.

I am reliably informed that there was a total of K150,000 raised from the dinner and an auction, minus K70,000 for costs which left a net profit of about K80,000.

Well Done organisers for a terrific night!!

Nambawan Super Thanks the State for settling contribution arrears

THE State (Government) paid up the K40 million outstanding in employer contributions to Nambawan Super today (Fri -23 April).

Managing Director of Nambawan Super Mr Leon Buskens thanked the staff of the Treasury department, especially Secretary Simon Tosali, who have diligently met a commitment made last week in dealing with the issue of contribution arrears.

The State had earlier paid K65 million which included penalty interest and reimbursement. The K65 million represented what Nambawan Super had already paid out, on behalf of the State, to members who had left employment.

Catholic Bishops concerned over LNG impacts

By Oseah Philemon - Post Courier

The Catholic Bishops Conference of PNG has expressed concern about the possible environmental impact and social problems emanating from the LNG project.

In a detailed statement issued from Lae, the bishops said not much was known by the general public about the environmental impact of the project on the lives of the people.

The bishops stated that the LNG infrastructure included several large processing facilities and more than 700 km of pipeline from the Highlands to the coast and then along the seabed to a site near Port Moresby.

"Environmental issues would seem to be potentially great in a project of such magnitude. Most likely, these will be portrayed as minimal by the developer ExxonMobil and co-developers; Oil Search Ltd, a Papua New Guinea company; Santos; Nippon Oil and the PNG Government".

Gazelle International Hotel set to begin operations in July

The countdown is on at Kokopo in East New Britain with the Gazelle International Hotel scheduled to begin operations in early July. 

Papua New Guinea’s latest International Hotel is nearing completion. Final stages of construction will be completed within the next weeks, leaving painting and fitting of furnishings to finish off this massive project.

Developed by the Lamana Group of Companies, the Hotel is being operated by Gazelle international Hotel Limited, in a tripartite ownership by Nambawan Super,  Airways Hotel and the East New Britain Provincial Government.

The construction phase has employed in excess of 200 people over the past 18 months and ongoing operations as Gazelle International Hotel will see 100 team members employed.

Mike and Jane Garvey, both Kiwis, will manage the Hotel. 

Mr Garvey said, “We have started recruiting in anticipation of an intensive training program. An Internationally renowned trainer will be dedicating hours to ensure team members deliver service and standards appropriate for such a beautiful property and location. The response to advertisements placed was overwhelming. 3000 applications were received with 700 coming from East New Britain Province alone. 

State to settle another K40 million to Nambawan Super as employer contribution arrears

  



THE State (Government) is expected to pay another K40 million outstanding of  employer contributions to Nambawan Super fund this week.

Managing Director of Nambawan Super Leon Buskens said that the State had paid K65 million which included penalty interest, and another K40 million would be paid to Nambawan Super.  The K65m represented what Nambawan Super had already paid out on behalf of the State to members that had left employment with the public sector.

Australia Gives K6 million to Kokoda

The Australian Government has provided K6 million ($A3.1 million) to upgrade the Kokoda Track safety facilities.

This is in addition to another Australian Government  allocation last September of A$1.8 million (K3.6 million) to fast-track work to enhance safety at the track.

Kokoda Track Authority (KTA) CEO Rod Hillman said the initiative would see improvements to roads, airstrips, trekker safety and most importantly communications.

Papua New Guineans ecstatic about PNG LNG

Marija Stojkovic - PNG Industry News TEARS of joy marked the financial close ceremony for the $US15 billion PNG LNG project in New York last week, with the project poised to transform the Papua New Guinean landscape. Thumbs up in PNG Speaking at a gala dinner in New York last Thursday, PNG Prime Minister Michael Somare said the PNG LNG project was “a history-making, nation-changing, life-transforming project”. He said the hope and optimism created by the 6.6 million tonne per annum LNG project would transform the landscape of PNG forever. Last month, project operator ExxonMobil said it and its partners would proceed with full execution of the project after completing all financing agreements with lenders, which included export credit agencies and commercial sources. Somare said the common resolve between all partners had produced valuable fiscal security for the project and made it possible for a mutual agreement on taxation arrangements. “Our Ministerial Economic Committee and state bureaucrats outlined a broad tax structure that ensured that over the medium to long term, any major upside in oil and gas prices would be equitably shared by project participants and the PNG government,” he said. The PNG government has estimated the tax proceeds from the project will start about four years after production begins and will average about 5-7 billion kina ($A2-2.8 billion) each year for the life of the project. Somare said that ExxonMobil had provided a significant amount of co-financing and had gone “the extra mile” to ensure the development proceeded. He went on to say that he was instructing ministers to also “go that extra mile” in the coming four years to make the project come together as smoothly as possible. “Any delay in the project schedule would result in cost blow-outs that would hurt overall achievements and goals,” the prime minister said. “Having negotiated such a large loan, we will only be able to service this loan once LNG exports commence.” PNG LNG is scheduled to start producing 6.6MMtpa of LNG from 2014 and is expected to deliver more than 9 trillion cubic feet of gas over its 30-year life. Partners in the project are operator ExxonMobil (33.2%), Oil Search (29%), IPBC (16.6%), Santos (13.5%), Nippon Oil (4.7%), MRDC (2.8%) and Petromin (0.2%).

Pride of PNG Awards 2010 Launched

City Pharmacy Ltd launched its 2010 Pride of PNG Awards for Women today at the Ela Beach Brasserie, Port Moresby.

Patron of the Awards, the Governor General of PNG, Grand Chief, Sir Paulias Matane officiated at the occasion and called for nominations from groups and individuals. He even told the crowd of about 100 that he would nominate a woman for an award this year.

 MEDAL CATEGORIES & CRITERIA

The nominee must reflect the core value of giving and not receiving, and the basis of their actions and that their choices have been made for the good of other people and their community; rather than for themselves.

Holiday Inn to undergo a Multi-million Kina Makeover

Members of the largest superannuation fund in the country, Nambawan Super will benefit from a K200 million investment to expand the Holiday Inn in Port Moresby.

Nambawan Super is the major shareholder with 54 per cent of the Kumul Hotel group which owns Holiday Inn and Crowne Plaza. Last week Kumul Hotel group signed a contract with Canam Construction company of New Zealand to begin work this year.

The hotel expansion comes at a time when the LNG projects are set to begin with the demand for accommodation in the nation’s capital expected to rise.