In brief: Oil Search says there is ‘distribution’ problem with payouts, and other business news

Oil Search says it has made payouts but there is a distribution problem, Frabelle denies shut down and the ICCC to mount legal proceedings against Steamships. Your weekly digest of the latest business news.

in brief

Oil Search’s Chairman Rick Lee, speaking at the company’s general meeting in Port Moresby reportedly claimed the company is paying the royalties to the government. Any problems with the correct land owners not receiving funds is a ‘distribution’ problem. ‘Oil Search has and is continuing to work closely with the State and other stakeholders to ensure these benefits owing are distributed as soon as possible,’ an Oil Search statement says.

 

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The Frabelle cannery in operation.

TUNA processor Frabelle PNG is not shutting down its operations in the country although it recently laid off more 800 employees, according to company manager Daniel Noble. He was responding to comments by PNG Fishing Industry Association executive officer Jonathan Manieva that the company was in the process of shutting down its Lae plant after laying off 849 workers recently. The PNG Fishing Association reportedly says workers at Philippine-owned Frabelle PNG received their last payments on April 27.

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Ok Tedi Mining Limited (OTML) will continue to fund operations of the Ok Tedi Development Foundation (OTDF). This was announced by OTML Deputy Chief Executive Officer Musje Werror in a recent forum in Kiunga. Werror said OTML assured that its OTDF arm continues to play an active role in delivering key projects in Western Province. He also announced OTML will oversee the sealing of the Tabubil-to-Kiunga Highway.

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The Pacific Islands Forum has been granted approval to establish a Permanent Observer Office at the United Nations Office at Geneva (UNOG).  Mere Falemaka, the Permanent Representative in the Permanent Delegation of the Pacific Islands Forum to the World Trade Organisation presented her letter of appointment as Observer to the UNOG in Geneva to the Director General Michael Moller.

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ExxonMobil PNG, operator of the PNG LNG Project, has announced the inaugural SME Digital Innovation Awards in partnership with the IBBM Enterprise Centre that is set to recognise achievements of Papua New Guinean businesses contributing to digital innovation. The 2018 SME Digital Innovation Awards will be focused on SMEs that utilise digital technology innovation as part of their processes, or that provide a service using technology.

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The Independent Consumer and Competition Commission (ICCC) has initiated legal proceedings against Steamships Trading Company for the acquisition of shares in Consort Express Lines Limited in 2011, according to the Loop. A ruling favourable to the ICCC on the motion was handed down on March 27, 2018 rejecting Steamships Trading Company’s motion to dismiss the case. The court granted the case to go to trial.

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Rooke Business Group secretary Steven Merpe, chairman Luke Tobias and Manasseh Aikan at Yangla village on Siassi Island. Source: Nationalpic

Thirty-three villages in the remote Siassi islands of Morobe received their first dividend payment from Mainland Holdings Ltd after 50 years on May 11. The shareholders received K130,000 with another K364,000 to be paid later. The villages had been buying shares since 1968 but had had no dividends paid. The payment was significant, as this was the first time the shareholders had received their dividends through their business group, Rooke Business Group Inc.

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Prime Minister Peter O’Neill and his counterpart Japan’s Shinzo Abe are expected this week to discuss PNG ‘s hosting of the APEC Summit in November. According to the Post-Courier, Japan’s support for APEC PNG 2018 has so far been ‘very successful’.

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Photograph of the week

Artists from around Papua New Guineas will compete to get their traditional designs branded on 22 limited edition cans of South Pacific SP Export Lager. Two million cans of SP Export Lager will be produced, with each can showcasing intricate designs of indigenous art from each of the 22 provinces. The competition aims to celebrate the best of PNG through its great cultures, land, agriculture, people and its local art and designs. Source: EMTV

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