Kumul Petroleum Holdings advances plans for a new power generation facility, new Australian new travel requirements and Ok Tedi Mining announces final dividend. Your round-up of the latest business news.
Credit: Air Niugini/Facebook
Energy
Kumul Petroleum Holdings Ltd (KPHL) has awarded two contracts for the design, development and engineering of a new floating, storage, re-gasification and power-generation (FSRP) facility. The first contract was awarded to Japanese-based Chiyoda Corporation in partnership with Norway’s Moss Maritime, and the second was awarded to the diversified group Wison Offshore & Marine which is based in Shanghai, China.
The new FSRP facility is expected to generate 75MW of power to be exported to the local transmission grid and will be located in the north coast, close to Lae. KPHL’s Managing Director, Wapu Sonk, said: ‘The benefits of this facility will be felt by all Papua New Guineans. Not only will more people have access to electricity in the home, but industry will be able to grow, providing a better economic outlook for the future.’ (KPHL)
Mining
Ok Tedi Mining Ltd (OTML) announced a final dividend for 2020 of K400 million. ‘OTML has had a strong and profitable year and this has enabled the company to complete the K800 million self-funded investment in the Crusher Replacement Project, distribute K550 million to our shareholders, and retain a strong and debt free balance sheet,’ said Sir Moi Avei, OTML’s Chairman. Ok Tedi suspended operations for six weeks during 2020 because of the COVID-19 pandemic. (OTML)
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Location of the Orokolo Bay project. Credit: Mayur Resources
Mayur Resources Ltd has lodged a mining lease application for its industrial minerals project in Orokolo Bay in Gulf Province. (The National)
Travel
The Australian Government has announced changes to the requirements for travel to Australia, including providing evidence of a negative PCR test at the time of check-in and mandatory use of masks in all incoming flights to Australia.
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According to an Air Niugini statement, the company will advise its customers when the negative PCR test result becomes mandatory at the time of check-in.
In the meantime, and based on the number of passengers already booked for its Port Moresby to Brisbane and Cairns flights, Air Niugini has closed additional ticket sales for flights from 15 January to 15 February.
State-owned enterprises
Motor Vehicle Insurance Limited (MVIL) presented K50 million to Kumul Consolidated Holdings. The funds are MVIL’s 2020 dividend and the Post-Courier reports that the funds will be used to ‘help other struggling state-owned enterprises, particularly Air Niugini.’
Agriculture
Kokopo in East New Britain Province is the first district in PNG to trial white copra production, the Kokonas Indastri Korporensen (KIK) has announced. Kokopo farmers are also trying other coconut production programs such as coconut-based farming and coconut replanting programs. Ephraim Tade, KIK’s Program Manager for the New Guinea Islands, reportedly said that the white copra program was progressing well and that ’15 tonnes of white copra was ready for shipment which was expected at the end of the month.’ (Post-Courier)
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