Nambawan Super Declares a Solid Profit for 2009

10% interest Crediting Rate for members and Increases its Reserves.

By any measure, 2009 was a difficult year for business and investment.  The global financial crisis (GFC) battered a wide range of industry sectors around the world, tightening the global flow of money and putting intense pressure on investment markets.

To some extent, the Papua New Guinea economy was sheltered from the worst of the GFC’s impact.  A number of the Fund’s investments thrived during the year, against the worldwide downward trend that saw billions wiped from share market capitalisations.

Gas Prospects Found In Oro Province

By Simon Eroro  - Post Courier

Multi-Trillion Cubic Feet (TFC) prospect sizes discovered in the Oro Province will support a major stand-alone Liquefied Natural Gas project in the country.

Eaglewood Energy, an international oil and gas exploration company has now contracted Bergen Oilfield Services APS Pty Ltd, a Singaporean company, to conduct an offshore seismic acquisition program in Oro Province.

Nambawan Super wins land case at Malolo Estate

Nambawan Super has won a court case over ownership of large portions of land at Malolo Estate, near Port Moresby which were being claimed by a local company to build a mini soccer stadium.

The National Court has declared Nambawan Super’s ownership of the land stating it has clear titles of the land described as Sections 144, Allotments 137 to 162 Boroko, Section 149, Allotments 1 to 19 Boroko, Section 150, Allotment 1 to 59 Boroko and Section 151, Allotment 1 to 36, 37 to 53 Boroko.

Australia's Kokoda Envoy visits PNG

Australian Prime Minister Kevin Rudd's special envoy on Kokoda. Sandy Holloway, is in PNG this week to progress work being done under the Agreement between Australia and PNG on the Kokoda Track. 

Mr Holloway, who arrived yesterday morning, will have a number of engagements.

He will attend the Kokoda Track Authority's tour operator's forum, and meet with PNG ministers, provincial representatives and counterparts in the Department of Provincial and Local Government Affairs, the Department of National Planning and Monitoring, the Kokoda Track Authority, the Department of Environment and Conservation, and other stakeholders.

Source - Post-Courier

PNG LNG Miilestone - Holistic Growth??

Yet another historic milestone in PNG’s development was reached early this week with the Financial Close announcement by ExxonMobil, Esso Highlands & the PNG Government. The PNG LNG Project is the largest project by far that ExxonMobil, the world’s biggest oil and gas company, has undertaken as project operator. It also involves the largest ever project loan raised worldwide for any oil or gas project. This is an event that certainly puts PNG on the world map.

Those of you who have followed this project will appreciate that with financial close we now have certainty that the co-venturers in this project will be spending the equivalent of the PNG annual budget every year between now and project start up in 2014. This translates to an average daily expenditure of US$10 million. Local expenditures will rise to a peak of US$35 million a day at the height of project construction.

ExxonMobil anticipates that about 5,000 Papua New Guineaneans will be employed during the construction phase. Recruitment of these individuals has already commenced. In addition new training facilities are being completed at the Port Moresby Technical College along with a new facility at June, near the Hides gas-field in Southern Highlands. Both these institutions will train about 1,000 people annually to Australian standards.

Holistic Growth

But has anyone done a study on holistic growth for the people and infrastructure of this country??

The lessons learnt from other countries such as Nauru, where one upon a time it had the highest per capita income in the world and now is no longer a force in the South Pacific, are important. Also consider the case with our own Bougainville.

PM Congratulates PNG LNG Project on reaching Financial Close

The Prime Minister Sir Michael Somare today congratulated Esso Highlands Limited for successfully concluding financial arrangements that enables the US$15 billion PNG LNG Project to proceed to “full execution”.

The conclusion of sales and purchase agreements with four Asian LNG customers and the completion of financing arrangements represent a major milestone in the government’s ongoing efforts to build a vibrant economy.

Sir Michael said: “My government needs to work in partnership with ExxonMobil and build public sector capacity and better service delivery so that tight project schedules can be met so that we may receive dividends and company taxes sooner in our efforts to meet our development aspirations.

“Government projections suggest that company tax proceeds from this project will average around K5 billion to K7 billion annually during the 30-year life of the project.

“Before we get to the stage when LNG exports will commence much work needs to be done in various parts of the country to successfully build and commission this vast project.”

Kokoda Porters & Guides to be insured

By Nellie Setepano - Post Courier

Porters and guides who assist trekkers along the rugged 96 kilometre Kokoda Track will soon be insured.

The insurance cover of all local porters and guides may tale a while (6-7 months) to formulate but they will be insured after all necessary preparations are done.

This was the assurance given by the Tourism Promotion Authority after a meeting with the Kokoda Track Porters and Guide Association in Port Moresby yesterday.

In its first meeting after an interim executive was formed, the association met with more than 60 local porters to discuss insurance cover among other issues. Tour operators as well as tourists were insured but porters and guides who fell sick or were wounded while assisting trekkers along the famous track usually sought medical help elsewhere or just went home to recover.

The association also discussed that a required weight of 25 kg per porter or guide should be imposed. Some 3000 youths including female carry packs for trekkers that weigh too much.

They were also cheated by operators who did not pay them adequately. Youths would at times carry packs and cover the required  distance but were not paid right after their services. 

A required minimum rate was also suggested so that porters and guides are not underpaid.

The porters and guides now carry ID Cards with photographs.