In brief: Puma Energy foreshadows risk of fuel shortages and other business stories


Puma Energy head asks for help with foreign exchange to avoid fuel shortages, new World Bank report calls for reforms in PNG, Harbourside South development nears completion. Your business news in brief.

Harbourside South. Credit: Steamships

Mining and energy

The shortage of fuel in PNG could become serious if Puma Energy is unable to have foreign exchange (FX) to pay its suppliers, according to Puma Energy PNG’s Chairman and Managing Director, Hulala Tokome.

Tokome said fuel rationing was the last resort which he hoped to avoid.

‘When we don’t have the FX to buy the new fuel, we then need to extend the availability of whatever we have left until we have the FX to buy more,’ he said. (The National)


With retail and office floors within Steamships’ Harbourside South Development now complete, the project has received a Certificate of Permissive Occupancy, which allows full operations for this portion of the building to proceed.

Meanwhile, Pacific Palms Property, the entity responsible for managing the project, is focused on completing the fit out of the 88 Marriott Executive Apartments, which will open in November 2023, featuring with a club floor which boasts gyms, pools, yoga and dance studios, a spa, lounge, and restaurant. (Steamships)


The National Agriculture Quarantine and Inspection Authority has launched its 10-year Biosecurity Policy, 2022-2032, the first for the authority.

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NAQIA Managing Director, Joel Alu, said the policy is a launching pad to mobilise and introduce laws to protect agriculture commodities for international trade. (Post-Courier).


A new Country Economic Memorandum from the World Bank calls for ‘a renewed policy focus on boosting economic growth, by addressing PNG’s excessive macroeconomic volatility, low productivity growth, and high reliance on natural capital as opposed to human and physical capital.’

‘Unless PNG makes significant policy changes before the implementation of new extractives projects, these projects will not yield higher, more stable, or more inclusive growth,’ it also warns. (World Bank).


The operator of Papua New Guinea’s national stock exchange, PNGX, has welcomed Minister for International Trade and Investment, Richard Maru, setting the objective of increasing the size of PNG’s capital market to over K500 billion in the next four years. The current total market capitalisation is K135 billion.

Minister Maru outlined the objective when announcing the new PNGX Corporate Debt Market.

‘We would like to thank the Minister for his final approval of the new corporate debt market,’ said PNGX Group Chairman, David Lawrence. (PNGX)


Kina Bank has launched a new online payment platform, Pei Beta.

‘This platform offers easy-to-use and secure online payment that allows you to pay your bills no matter who you bank with, absolutely fee free,” said Kina Bank’s Country Head, Lesieli Taviri. (Post-Courier)


Nambawan Super has confirmed the receipt of K10 million from the Government against rental arrears owed to the superannuation fund.

‘Last year, through an agreement with NSL, the State committed to settling the remaining balance of its rental arrears in K10 million monthly installments. However, in 2023, the State has only paid K20 million for the January and February installments and has yet to pay the remaining K50 million for March, April, May, June and July,’ said CEO Paul Sayer in a statement.

‘At present, the total rental arrears owed by the State to the Members of Nambawan Super is K108 million. We strongly urge the State to honour its commitment to settle these arrears.’ (Nambawan Super)


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