Vaccine rollout announced for Papua New Guinea’s 22 provinces, Enga Electrification Project gets funding and Kumul Petroleum to seek funding for gas fields overseas. The news in brief.

Lihir Gold Mine is in Niolam Island, 900 kilometres north-east of Port Moresby. Credit: Newcrest

SMEs

The President of the PNG Micro Small and Medium Enterprise Council, Des Yaninen, told The National that the PNG Small-to-Medium Enterprise Corporation is working on a revised five-year plan (2021-2025) for the sector, and that Sam Basil, Deputy Prime Minister and Minister for Commerce and Industry, could launch it within the next two months.

Yaninen also mentioned the revised business activity list which, he said, is important because it protects PNG business from foreign competition. ‘What we are trying to do is to get the Government to pass it on the floor of Parliament so that we will be able to protect the space of Papua New Guineans,’ he said.

***

The maximum loan under the SME credit enhancement facility has increased from K3 million to K5 million after the Department of Commerce and Industry (DCI) and Bank South Pacific (BSP) Financial Group agreed to the increase last week. BSP’s CEO, Robin Fleming, said that the bank will also review the required equity percentage for the loans at the request of (DCI). So far BSP has approved 216 loans valued at K30 million since October 2020, and reportedly has many loans in different stages of approval, however, it hasn’t received the funding planned for this year yet. (The National)

Energy

To put an end to the rumours about his resignation, PNG Power’s Managing Director, Flagon Bekker, confirmed he has not resigned and that he remains ‘fully committed to the success of PPL and [my] aim to complete my contract.’ (The National)

***

The New Zealand High Commissioner, Philip Taula, and PNG Power’s Managing Director signed a funding agreement for the Enga Electrification Project last week. The agreement clears the way for construction to commence on the Ramu grid extension. (NBC News)

National

The Acting Managing Director of Kumul Telikom Holdings Ltd, Jessie Wangua, was arrested last week after the death of his wife Jenny Wangua, Managing Director of City Loop Taxi Services. EMTV reported on 2 May that Jessie Wangua had been released from the Boroko cells after reports from a post-mortem examination suggested his wife died from a medical complication. (EMTV)

Resources

Funding for the development of the gas fields in Kimu, Barikewa and Uramu in Kikori, Gulf Province, will be sourced overseas ‘mostly from different sources depending on size and type of development,’ said Kumul Petroleum Holdings Limited. The state-owned enterprise received these licenses last month. (The National)

***

Ok Tedi Development Foundation has a new five-year strategic business plan that realigns its strategies and programs to empower its mining communities and associated entities in Western Province to be self-sustaining beyond 20215. (Post-Courier)

***

The website Mining.com collaborated with its sister company Mining Intelligence to produce the list of the ten top gold producers in the world based on the 2020 calendar year. The former top producer, the Grasberg mine in Papua, Indonesia, fell to the third place after production was cut because of COVID-19 in the region. First place now belongs to Polyus’s Olimpiada, in Russia. And despite COVID-19 restrictions, number seven place went to Newcrest’s Lihir mine in PNG.

COVID-19

Last week, the Health Secretary Dr Osborne Liko released the first phase of the vaccine rollout, which included all 22 provinces and concentrates on vaccinating healthcare workers and support staff in public and private health facilities, quarantine and isolation workers, health students, correctional service officers, border and immigration personnel, seaport workers, airport, aviation and airline workers, police and defence personal, and teachers. (LOOP PNG)