Parliament passed six key pieces of legislation that allow the Papua LNG project to move forward, Australia’s Prime Minister cancels trip to Papua New Guinea and cocoa farmers in East Sepik Province ready to benefit from new project. The business news you need to kickstart your week.
Prime Minister Marape [centre] celebrates the passing of the six bills that help re-open the dialogue with Total for the Papua LNG project. Credit: Office of the Prime Minister and NEC via Facebook
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On 11 November, Parliament passed six pieces of legislation – Income Tax (Papua LNG Project) (Amendment) Bill 2020, Stamp Duties (Papua LNG Project) (Amendment) Bill 2020, Insurance (Papua LNG Project) (Amendment) Bill 2020, Oil and Gas (Papua LNG Project Production Levy) (Amendment) Act 2020, Tax (Papua LNG Project) Production Levy) (Amendment) Act 2020 and Income Tax (Papua LNG Project Thin Capitalisation) (Amendment) Act 2020 – that allow the US$20 million (K70 million) Papua LNG project to move forward. The Prime Minister said in a statement that this milestone allows for Total to ‘move in and start work.’
PNG is expecting the visit of a ‘high-level delegation’ of Total executives within the next few weeks to ‘put a clear roadmap about Papua LNG going forward.’ (Prime Minister & NEC)
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Mayur Resources has signed a ‘definitive agreement’ to acquire Ballygowan and Pacific Arc, two privately-owned companies that hold gold assets in PNG, including the Gameta and Wapolu projects in the Fergusson Islands. (Mayur Resources)
Government
The Independent Commission Against Corruption (ICAC) Bill was passed unanimously in Parliament last week. The ICAC Bill is set to complement the work of the Ombudsman Commission. Justice Minister and Attorney-General Davis Steven said that ‘we have legislation that is currently prepared to ensure that the question of unexplained wealth – not just for leaders but people in the civil service – must be dealt with.
‘There’s no point in having an ICAC that does not question how people get rich overnight.’ (The National)
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The Prime Minister of Australia, Scott Morrison, has deferred his trip to PNG because of the current political climate in the Pacific nation. Morrison was planning to stop in PNG after his visit to Japan. On Friday last week Marape said that there was nothing stopping Morrison from visiting PNG but that it was ‘up to him’. ABC News reported that a ‘spokesperson for Mr Morrison said Mr Marape had since contacted him and asked him to defer his visit’.
International
Papua New Guinea participated in the 2020 China International Import Expo. The expo, Prime Minister Marape reportedly explained, was an opportunity for the country to connect to China and Asia and give a boost to global trade and economic growth.’ (FM100)
Agribusiness
Fresh produce importers could be looking at import quotas from mid-2021, according to the Agriculture and Livestock Minister, John Simon. He added: ‘We will work on reducing imports. Only when we reduce imports we will save foreign investment in this country.’ It’s been reported that imported fruits, particularly citruses, are sold at high prices in PNG supermarkets. (Post-Courier)
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Yangoru-Saussia Development Authority, Kumul Agriculture Limited and Innovative Agro-Industry Limited have partnered to invest K1.5 million to improve farming techniques and market access for cocoa grown and handpicked in the Yangoru-Saussia District in East Sepik Province. Ninere Agro Industries Limited is the joint venture company that will administer and deliver the project. (Post-Courier)
Fisheries
Fujian Zhonghong Fishery Ltd and the State have signed a memorandum of understanding for a K527.20 million (US$150 million) for the development of a marine industrial park in Western Province. The National Fisheries Authority plans to work with the Chinese company to develop the project. (The National)
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