tag:blogger.com,1999:blog-61617039161925949362024-03-18T21:27:33.057-07:00Business Newsyour png & msian business newsEwehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comBlogger324125tag:blogger.com,1999:blog-6161703916192594936.post-23623576028785443642014-02-09T17:00:00.003-08:002014-02-09T17:00:27.429-08:00Edible Oil Overview<div dir="ltr" style="text-align: left;" trbidi="on">
http://www.cmegroup.com/trading/agricultural/files/Overview-of-Edible-Oil-Markets.pdf</div>
Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-71725477664706739302014-02-09T16:42:00.002-08:002014-02-09T16:44:05.881-08:00Keeping palm oil trade competitive<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="http://www.palmoil.tv/keeping-palm-oil-trade-competitive" rel="bookmark" style="color: black;" title="Permanent Link to Keeping palm oil trade competitive">Keeping palm oil trade competitive</a></h2>
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Posted on : 09-10-2012 | By : <span style="color: #f7941d; font-weight: bold; text-transform: capitalize;">Admin</span> | In : <span class="post_cats" style="color: black; text-transform: capitalize;"><a href="http://www.palmoil.tv/category/palm-oil" rel="category tag" style="color: black; text-decoration: initial;" title="View all posts in Palm Oil">Palm Oil</a></span></h3>
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PALM oil accounts for the largest share of the global edible oil market. This is estimated to be 40 per cent. Soya bean oil is now in second place. Malaysia and Indonesia control almost 90 per cent of the market. More than 80 per cent of the world’s palm oil comes from Malaysia and Indonesia.</div>
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Malaysia, which at one time was a leading producer, is now behind Indonesia. Production in Malaysia has stagnated at about 18 million tonnes a year. Available land is limited. The only area left for expansion is in Sarawak. Even there, expansion is constrained by deep peat soils, which cost more to develop.</div>
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Malaysia, despite some unfounded claims by non-governmental organisations, still remains committed to maintaining the country’s more than 60 per cent of natural forest cover, legislated as permanent reserves. Despite this, many NGOs, for reasons best known to them, have not stopped criticising palm oil.</div>
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Since Malaysia and Indonesia control 90 per cent of the world’s palm oil market, one would expect them to work together to get the best returns from palm oil. It is only logical that the two countries pursue a win-win collaboration. Unfortunately, they have not. The competition has heated up.</div>
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Recently, Indonesia changed its palm oil export duty structure, denying palm oil refineries in Malaysia marketshare.</div>
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The Indonesian government introduced new lower export duties on both crude and refined palm oils. The new duty regime also includes an export tax differential between the two oils. Experts agree this downward revision of the export tax structure for crude palm oil (CPO) and refined palm olein is likely to have implications for the global palm oil market.</div>
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The export marketshare between two of the world’s largest exporters, Malaysia and Indonesia, will see change, most likely favouring Indonesia. As a result, many expect increased investments in the refining sector in Indonesia. The move will intensify Indonesia’s competition with Malaysia. In the end, it will be a lose-lose situation for both.</div>
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Export tax on refined palm olein was reduced from 25 per cent to 13 per cent. For crude palm oil, the duty cut was smaller, from 25 per cent to 22.5 per cent. What is clear from the adjustment is that the Indonesian government wants to promote the export of processed palm oils and capture the benefit of value addition locally. This will most likely upset the refining business in markets such as India, which also deploys the duty structure to encourage downstream investments in edible oils. How would India respond?</div>
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With export tax nearly halved, the export competitiveness of Indonesian refined oils will improve considerably, at the expense of refiners in Malaysia.</div>
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At the same time, a much smaller duty reduction in crude palm oil means that for the export market, the product will continue to remain relatively more expensive and, therefore, less competitive. This, in turn, will encourage larger local sales of CPO to domestic refiners. It is also likely that CPO producers may set up fresh refining capacities to take advantage of the fiscal concession.</div>
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Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-47049671271609721252014-02-09T16:39:00.001-08:002014-02-09T16:44:20.797-08:00Edible Palm Oil<div dir="ltr" style="text-align: left;" trbidi="on">
http://www.palmoil.tv/?s=cost+of+refining+crude+palm+oil+to+refined+palm+oil</div>
Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-30178994460811663082012-12-19T00:28:00.000-08:002014-02-09T16:44:46.301-08:00Plantation Statistics<div dir="ltr" style="text-align: left;" trbidi="on">
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Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-55262053830767405552011-04-24T23:24:00.000-07:002011-04-24T23:25:30.242-07:00A new path for development policy in Papua New Guinea<a href="http://www.pngblogs.com/2011/04/new-path-for-development-policy-in.html">A new path for development policy in Papua New Guinea</a><br /><a href="http://www.pngblogs.com/">http://www.pngblogs.com/</a>Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-52939682687107675012011-04-24T20:11:00.001-07:002011-04-24T20:11:58.446-07:00Prime Minister Michael Somare<a class="l" onmousedown="return clk(this.href,'','','','1','','0CCMQFjAA')" href="http://1businessnews.blogspot.com/2011/04/china-targets-investment-in-major.html">Business News: China targets investment in major sectors</a><br />24 Apr 2011... on Monday while meeting with prime minister Sir Michael Somare that China encourages its enterprises to expand investment in PNG. ...1businessnews.blogspot.com/2011/.../china-targets-investment-in-major.html -<br />263343 minutes ago<br /><a class="l" onmousedown="return clk(this.href,'','','','2','','0CCUQFjAB')" href="http://1businessnews.blogspot.com/2011/04/pm-lauds-interoils-ability-to-raise.html">Business News: PM lauds InterOil's ability to raise capital for ...</a><br />24 Apr 2011 ... PRIME Minister Sir Michael Somare has expressed confidence in InterOil's ability to raise the capital necessary to move to the next stage to ...1businessnews.blogspot.com/2011/.../pm-lauds-interoils-ability-to-raise.html -<br />287347 minutes ago<br /><a class="l" onmousedown="return clk(this.href,'','','','3','','0CCcQFjAC')" href="http://1businessnews.blogspot.com/2011/04/sir-michael-petromin-haus-big.html">Business News: Sir Michael: Petromin Haus a big achievement</a><br />24 Apr 2011 ... Prime Minister and minister responsible for Petromin, Sir Michael Somare, said this office complex “is quite a remarkable achievement by any ...1businessnews.blogspot.com/2011/04/sir-michael-petromin-haus-big.html -<br />45531 hour ago<br /><a class="l" onmousedown="return clk(this.href,'','','','4','','0CCkQFjAD')" href="http://world247.net/anzac-day-brings-a-tear-to-digger-dempsey/">Anzac Day brings a tear to digger Dempsey World247.net Worldnews</a><br />24 Apr 2011 ... Papua New Guinea's suspended prime minister, Michael Somare, has called PNG's national broadcaster to dispel media reports he is seriously ...world247.net/anzac-day-brings-a-tear-to-digger-dempsey/ -<br />94132 hours ago<br /><a class="l" onmousedown="return clk(this.href,'','','','5','','0CCsQFjAE')" href="http://www.allvoices.com/news/8881871-anzac-day-brings-a-tear-to-digger-dempsey">Anzac Day brings a tear to digger Dempsey</a><br />24 Apr 2011 ... Papua New Guinea Prime Minister Michael Somare was to step down to face trial. Earthquake hits BOUGAINVILLE REGION, PAPUA NEW GUINEA ...www.allvoices.com/.../8881871-anzac-day-brings-a-tear-to-digger-dempsey - United States -<br />166134 hours ago<br /><a class="l" onmousedown="return clk(this.href,'','','','6','','0CC4QFjAF')" href="http://article.wn.com/view/2011/04/24/Udvada_Sanjan_to_be_world_heritage_centres_for_religious_har/">Udvada, Sanjan to be world heritage centres for religious harmony ...</a><br />24 Apr 2011 ... Grand Chief Sir Michael Somare, Prime Minister, Papua New Guinea, Co-Chancellor, GULL Many parts of PNG lack the basic infrastructure ...article.wn.com/.../Udvada_Sanjan_to_be_world_heritage_centres_for_religious_har/ -<br />346139 hours ago<br /><a class="l" onmousedown="return clk(this.href,'','','','7','','0CDAQFjAG')" href="http://www.pngblogs.com/2011/04/new-path-for-development-policy-in.html">Papua New Guinea Blogs: A new path for development policy in Papua ...</a><br />24 Apr 2011 ... PNGEXPOSED BLOG While many are angry and frustrated at the slap on the wrist given to Prime Minister Michael Somare after he was found gu. ...www.pngblogs.com/2011/04/new-path-for-development-policy-in.html -<br />5261314 hours ago<br /><a class="l" onmousedown="return clk(this.href,'','','','8','','0CDIQFjAH')" href="http://www.pngblogs.com/">Papua New Guinea Blogs</a><br />24 Apr 2011 ... PNGEXPOSED BLOG While many are angry and frustrated at the slap on the wrist given to Prime Minister Michael Somare after he was found gu. ...www.pngblogs.com/ -<br />5261314 hours ago<br /><a class="l" onmousedown="return clk(this.href,'','','','9','','0CDQQFjAI')" href="http://melanesianway.blogspot.com/2011/04/new-guinea-brown-found-in-kutubu.html">The Melanesian Way Inc. Papua New Guinea organization online: 'New ...</a><br />24 Apr 2011 ... “Melpa speaking people receive recognition from the Papua New Guinean Prime Minister Sir Michael Somare by renaming the Western Highlands . ...melanesianway.blogspot.com/.../new-guinea-brown-found-in-kutubu.html -<br />5621315 hours ago<br /><a class="l" onmousedown="return clk(this.href,'','','','10','','0CDYQFjAJ')" href="http://world247.net/tag/frightening/">Frightening World247.net Worldnews</a><br />24 Apr 2011 ... The report, containing 244 recommendations, was submitted to Prime Minister Sir Michael Somare who accepted it and tabled it in parliament. ...world247.net/tag/frightening/ -<br />6341317 hours agoEwehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-76490071214998922252011-04-24T19:35:00.001-07:002011-04-24T19:35:39.982-07:00Crowne Plaza boss wins top awardSource:<br />By GEEJAY MILLI<br />Picture:<br /><br />THE much-coveted award from the Intercontinental Hotels Group for this year went to Crowne Plaza Port Moresby’s general manager Tim Pollock.The awards event was hosted in Singapore last week.The award has been considered an achievement not only for the Crowne Plaza but also for Papua New Guinea because the recognition covers countries in the Asia-Australasia region.Other participating nations included countries in Asia, the Pacific and Australia and New Zealand.The award had drawn attention to the vast potential that PNG has as a country in what it has to offer.The general manager’s award of the year looks at categories of financial management of the hotel, guest experience, how well the hotel does as a responsible business and community relations.Pollock received a surprise welcome back from the hotel personnel who expressed pride over his feat.“I am very honoured to have won the award I am privileged to be the GM of this hotel but I am just part of the achievement,” Pollock said.“It is the people who are a big part of this, and I would encourage the staff to keep up the great effort,” he continued.Pollock, who previously lived in PNG, is in his third year as Crowne Plaza general manager.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-89300977521754330802011-04-24T19:33:00.001-07:002011-04-24T19:33:56.783-07:00RAIL inks deal to plant 900ha of oil palm ~oct2010Picture:<br /><br />THE Ramu Agri Industries Ltd (RAIL) will plant more than 900ha of oil palm on a customary land in Morobe under a sub-lease agreement with landowners.The deal was signed between RAIL and the Aridagin Incorporated Land Group (ILG) last Wednesday, under which the company will plant 919ha of oil palm on the Ngaru No. 1 customary land.In a statement, RAIL said for the first time in the company’s history since its inception in the Morobe and Madang provinces, an agreement had been reached between the company and an ILG in Umi Azera at Markham district.RAIL general manager Jamie Graham assured the landowners that his company would work closely in partnership with the Aridagin ILG to make sure the people reaped the benefits from this pioneering project.He added this was a first of its kind in the province for the company and both parties would benefit in the long term.Responding on behalf of the Aridagin ILG, chairman James Nerius thanked RAIL for the partnership and paid tribute to all members who have been a part of the whole process towards the agreement signing last Wednesday.A clan leader, Martin Pari, also thanked the company and assured RAIL that he was proud to have his clan involved in such a lucrative partnership project “where my people would benefit highly from”.RAIL continues to develop and support community projects that achieve national objectives while protecting and furthering the interests of its shareholders.RAIL said it would ensure that it always operated with care for the environment for long-term sustainability of the project.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-10898792814745497192011-04-24T19:30:00.001-07:002011-04-24T19:30:43.719-07:00APNG to invest K6m on latest flying gearsPicture:<br /><br />THE Airlines PNG will invest K6 million to install state-of-the-art avionics equipment for its fleet of Twin Otter (DHC- 6) aircraft.APNG said its fleet of DHC-6 aircraft will undergo a massive avionics upgrade in the coming months as part of the airline’s ongoing commitment to passenger safety in one of the world’s toughest flying environments.The K6 million-investment would take the Twin Otter fleet to a whole new level, far exceeding all industry standards and safety requirements. Under the new technology, the fleet would meet “next generation” flight deck standards.“There is no doubt the rugged terrain in which our pilots fly in presents them with daily challenges, being that PNG is one of the most difficult destinations to fly in,” APNG chief operating officer Bruce Alabaster said.“Until now our aircraft have exceeded safety standards and guidelines, but under the new system, each aircraft will be given a further avionics boost which will give pilots a whole new suite of capabilities.”These enhancements will mean APNG’s Twin Otter aircraft are fully-fitted with the most modern equipment available. The avionics will also be upgraded to include dual latest standard global positioning system units which will avail the aircraft with 18 new approaches within PNG, mainly at airfields where there is presently no approach available in bad weather.The new flight deck will include the latest technology synthetic vision system providing both pilots on board with an accurate three dimensional picture of terrain around the aircraft, even in cloud or at night.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-43096933214636177242011-04-24T19:27:00.001-07:002011-04-24T19:27:44.746-07:00Tosali: ’10 budget sees K533.3 million surplusSource:<br />By ALISON ANIS<br />THE 2010 budget would have a surplus of K533.3 million, 2.1% of the gross domestic product (GDP), according to current estimates released by Secretary for Finance and Treasurer Simon Tosali.Tosali said the estimated surplus was due to the strengthening of global economic recovery and strong domestic economic growth.“The additional revenue of K533.3 available would be spent through a supplementary budget as government continues to have competing expenditure pressures such as the LNG commitments and legal obligations,” Tosali told participants at the three-day national development forum in Port Moresby organised by Consultative Implementation Monitoring Council (CIMC).He said total expenditure was expected to be K7.6 billion this year, with K4.2 billion in recurrent budget and just over K2 billion for the development budget.He explained the higher recurrent budget in 2010 reflected the expected overspends in personal emoluments, by national departments and provincial governments.“The Department of Treasury has taken action by establishing a payroll project team to investigate the causes of these overruns … it has also written to the heads of those agencies seeking their explanations of their overruns,” Tosali said.On the development budget, he said the increased development component is for the payment of remaining business development grants related to the PNG LNG project while grants and ITC had also increased this year.Tosali said total government revenue and grants of K1.8 billion was a lot higher than the outcome last year and this due largely to the higher receipts from the mining and petroleum tax (MPT) collected in the first of the year.The higher MPT estimate is due to an upward revision to commodity price assumptions.“PNG’s economy is expected to strengthen this year with the commencement of PNG LNG gas project and other mining-related projects as well as a rebound in a number o sectors following softer conditions last year.“In addition, growth is also expected to be supported by the improvement in global trade as commodity prices of PNG’s major exports strengthens on the back of growing confidence in the global economic recovery.”Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-37830480838467008162011-04-24T19:25:00.001-07:002011-04-24T19:25:57.499-07:00Steamships’ stunning resultsCONGLOMERATE Steam-ships Trading Co Ltd has had a stunning 75.5% increase in after-tax profit in the half-year to June, to a record K65.9 million, up from K38.2 million.The company's half-year results released to the Australian Stock Exchange showed that total revenues in the six months to 30 June this year had risen by 66% to K366.5 million from K220.8 million the previous year.Directors said: "Hotels, property and shipping divisions have had a solid six months to date, due to strong demand for their services."Divisional accounts showed that shipping and transport was the group's top profit spinner, contributing K32.7 million to group profit, followed by hotels with K14.5 million and property and investment with K14.3 million.Steamships directors said demand for hotel accommodation remained strong and that the Gateway and Ela Beach expansion projects in Port Moresby had been delayed by four months but were nearing completion."The 160-room Grand Papua Hotel development continues on schedule for completion next year," they said.The shipping operations also had a good half-year with high usage rates for vessels and good cost containment.Two newly-purchased barges and two tug boats have been fully commissioned starting last month.Other segments that did well included the stevedoring business and industrial and residential properties in Lae and Port Moresby.The directors said the manufacturing division had a poor start to the year but should see an improvement in the second-half due to consolidation of the Lae facility and an alternate distribution supply chain."The solid performance of the PNG economy, with its continuing stable exchange rate and low interest rates, has meant that the group has, as in previous years, been able to continue to invest with confidence in new projects and assets," they said, adding that long term investments would "grow the company".They said the second-half should see further improvement in earnings as current economic conditions persist "and the LNG project gains traction".Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-58917278519112195922011-04-24T19:24:00.003-07:002011-04-24T19:24:58.362-07:00Waste mgt JV formed to service LNG projectoct-nov2010<br />Source:<br />By PATRICK TALU<br />Picture:<br /><br />A LOCAL environmental engineering company Eco Care Engineering Ltd (ECE) has signed a deal with Transpacific Industries Group Ltd (TIGL), one of Australia’s largest waste management companies, to pave the way for a waste disposal and management contract with the PNG LNG project.ECE managing director Dennis Marvin Kai and TIGL general manager-internal projects Geoff Sparks signed the agreement to signal that the joint venture is ready to take a slice of the multi-billion project.Kai, an environmental scientist with contractual jobs for Oil Search Ltd, told reporters he was grateful to the resource companies in PNG for giving him a wealth of experience that enabled him to bid for contracts from the gas project.Kai said he was asked by his client in the PNG LNG project to get into a joint venture with Transpacific to boost his resources.“Oil Search introduced me to Transpacific,” Kai said.He said he was confident Esso Highlands would award his joint venture company a waste disposal contract covering the upstream-to-midstream side of the project and plant sites including portion 152 in Central.“Other local companies want to go for other contracts and not a single one has considered the dirty job,” he said.He said Transpacific had all the resources and expertise to be able to work on the prospective project.Among previous resource projects that Kai was engaged with included the Porgera gold mine, Ok Tedi copper mine and the Oil Search-operated Kutubu oil fields.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-72070903518826273682011-04-24T19:24:00.001-07:002011-04-24T19:24:19.746-07:00BSP: H1 net profit K163.45mSource:<br />By PATRICK TALU<br />BANK South Pacific has recorded yet another impressive half-year consolidated profit of K209.06 million, up almost 10% from last year’s take of K190.48 million.After-tax profit was K163.45 million, the bank said.BSP chairman Noreo Beangke yesterday said the after-effect of global financial crisis last year triggered “a year of mixed business prospect, economic lethargy and persistent uncertainty”.However, under these conditions, BPS performed credibly to post a solid year-on-year increased profit, buoyed by PNG economy’s being relatively insulated from the global financial crisis, some resilience and recovery in the prices of its key exports, and of course, the optimism surrounding the LNG project, Beangke said.He said this year, the PNG economy had progressed well along the same path last year.“The underlying contributing factors remained unchanged, reflected in the outcome of the first-half of this year,” he said.Beangke said the bank’s revenue was moderate due in part to a more controlled lending strategy with interest income growth level off slightly.Robust non-interest income growth had offset weaker interest income.In term of expenses, work on operation improvement initiatives across the organisation which began last year under the BSP’s transformation programme, continued strongly during the first six months.Beangke said increased investment in risk management and internal control and process reengineering throughout the organisation were some of the continuing focus areas.He added there had been continued growth in the level of BSP group total assets from K9.398 billion at the end of last year to K9.815 billion as of June 30, this year.Beangke said the customer loan and receivables portfolio had exceeded K3.77 billion, a net increase of 4%, or K136 million, from the level of K3.638 billion at the end of last year.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-64416100149829593542011-04-24T19:23:00.001-07:002011-04-24T19:23:20.587-07:00China targets investment in major sectorsPicture:<br /><br />CHINA, the second biggest economy in the world after the US, has expressed willingness to invest in Papua New Guinea’s major sectors of agriculture, forestry, fishery, energy, telecommunications and transportChinese premier Wen Jiabao said in Tianjin on Monday while meeting with prime minister Sir Michael Somare that China encourages its enterprises to expand investment in PNG.China’s People’s Daily online yesterday reported that Sir Michael was attending the annual meeting of the new champions 2010, also known as the summer davos in the northern Chinese port city of Tianjin.As a friend and partner of Pacific island countries, Wen told Sir Michael that China would continue to provide assistance within its capacity for this region’s development.The premiere also congratulated Sir Michael on the country’s 35th anniversary of independence, believing that the PNG would make more achievements in its social and economic development.In response, Sir Michael said Papua New Guinea valued the friendly ties with China, and firmly adhered to the one-China policy.Applauding China’s unselfish help to PNG’s national reconstruction, Sir Michael said Papua New Guinea welcomed the investment by Chinese enterprises to push forward bilateral co-operation.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-58556711759693819542011-04-24T19:21:00.002-07:002011-04-24T19:22:04.801-07:00Origin to sign hydro-power deal with Qld, PNG govtsAUSTRALIAN energy company Origin Energy says it will sign an agreement with the governments of Papua New Guinea and Queensland to support the development of a large hydro-power project.The 50:50 joint venture between Origin and PNG Sustainable Development Program Ltd could ultimately see the hydro-power plant built at Purari River, the country’s third largest waterway located in the Gulf province.The Australian Associated Press reported in the Sydney Morning Herald newspaper on Wednesday that under the plan, electricity from the project would be used to power villages in PNG and would be transmitted to Australia via Weipa to join the national electricity grid at Townsville.Plans for such a project have been in existence since the 1970s, a company spokesman said, but have now been updated.The newspaper reported that on Wednesday, a memorandum of co-operation would be signed with the joint venture company, PNG Energy Developments Ltd (PNG EDL) concerning the plans.“Capturing the power of the existing river flows, the development under consideration would have the capacity to generate approximately 1800MW of renewable baseload electricity,” an Origin spokesperson was quoted as saying.PNG EDL is currently evaluating the hydro-electric potential of Purari at Wabo, in Gulf .“By itself, the run-off from the Wabo delta is about equal to one quarter of the run-off from all Australia’s waterways, and PNG’s highlands receive eight to 11 inches of rainfall each year,” the spokesman said.“If the project is completed, it would supply into Queensland about five times more renewable power than currently generated in the state.”Origin chief executive Grant King said in a statement that the ongoing assessment of the project was consistent with his company’s pursuit of renewable energy opportunities.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-54734179140401530862011-04-24T19:21:00.001-07:002011-04-24T19:21:39.312-07:00Hydro-power plan trashedORIGIN Energy’s ambitious plans to build a multi-billion-dollar hydro-electric plant in Gulf province near Purari River and send the electricity back to Australia via an undersea cable failed to impress investors or analysts.By 1343AEST last Wednesday after investors digested the news, shares in Origin fell A$0.16, about 1%, to A$15.49 and had been as low as A$15.48.Last Wednesday after Origin announced the deal signing, State One Stockbroking energy analyst Peter Kopetz said the plans for the plant sounded “far fetched” and he doubted he would see it built in his lifetime.“It reminds me of the good old days of PNG supplying gas to Queensland which came up to nothing, and I think that is what is likely to happen to this as well,” Kopetz was quoted on Bloomberg online news.“This is nothing new, and there have long been talks of getting electricity from PNG.“Maybe the next thing will be getting water from PNG,” Kopetz said.Under the plan unveiled last Wednesday, a 50:50 joint venture between Origin and PNG Sustainable Development Program Ltd could build the plant on Purari River, waterway in the nation, providing it is supported by a feasibility study, due for completion in 2012.Power generated from the plant would be fed into the Australian east coast grid via Weipa in Queensland and also power villages in PNG.Origin said the hydro plant could generate 1,800MW of baseload electricity, and would be the first project to deliver year-round baseload renewable energy into mainland Australia.A resources analyst at Australian Stock Report, Stan Shamu, said investors were wary of the project given its likely high costs.“Investors are questioning whether the feasibility study will go well and the capital expenditure on the project,” Shamu said.“The market doesn’t like uncertainty, so if they don’t feel they don’t have enough information to make a decision, their initial reaction is to be cautious,” he said.Queensland premier Anna Bligh has said green power from the plant would help Townsville become the state’s next major industrial city and could also help further develop bauxite deposits at Weipa.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-66534984570919207322011-04-24T19:19:00.000-07:002011-04-24T19:20:01.703-07:00PM lauds InterOil’s ability to raise capital for Gulf projectPRIME Minister Sir Michael Somare has expressed confidence in InterOil’s ability to raise the capital necessary to move to the next stage to develop the condensate stripping plant at the Elk/Antelope in the Gulf province.Sir Michael, who witnessed the signing of the heads of agreement between InterOil and Energy World Corp (EWC) in New York last Tuesday, said: “I am pleased to witness this signing which now confirms InterOil’s ability to raise the capital necessary to move to the next stages of this development.“I am delighted that InterOil will develop the condensate stripping plant in partnership with Mitsui and the LNG project at the same time.“These developments mean I will leave politics in 2012 satisfied with the knowledge that PNG’s economic future is on a prosperous path.“The years ahead – 2013 onwards – will be an optimum time for the people of Papua New Guinea.“This government has laid the foundation with medium to long-term plans for all sectors that are linked to our strategic development plan and our vision 2050.”Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-87651548379227447252011-04-24T19:18:00.001-07:002011-04-24T19:18:19.252-07:00Bligh bats for PNG hydro-power planQUEENSLAND premier Anna Bligh has talked up the potential of two big renewable energy projects in North Queensland and Papua New Guinea’s Purari River, saying they could help the region take the “next giant leap forward”.She also quelled fears the PNG scheme could hurt renewable energy proposals in North Queensland, saying the two schemes were complementary.The 50-50 owned Australian-based energy company Origin Energy and PNG Sustainable Development Program’s ambitious plans to build a multi-billion-dollar hydro-electric plant in Gulf near Purari River and send the electricity back to Australia via an undersea cable have not impressed investors or analysts.The Townsville Bulletin yesterday, reporting on Bligh’s six-day visit to the North Queensland, said a host of renewable energy projects had been mooted along what had been dubbed the clean energy corridor between Townsville and Mount Isa.A BIS Schrapnel report has found there was potential for 900MW of installed renewable capacity to be connected to the grid through an AC transmission line by 2015-16 - 300MW in baseload power from biomass and solar thermal sources and another 600MW from wind power.The newspaper reported that Origin Energy was assessing the potential for an 1800MW hydro-electric scheme on the Purari River in PNG and exporting power into Australia’s energy grid via a cable link to North Queensland by 2020.There have been fears the PNG scheme could ruin plans for North Queensland schemes although Bligh and energy consultant John O’Brien, a director of one of the companies pushing development of the AC transmission line called the CopperString project, doused that yesterday.Bligh said the two projects complemented one another while O’Brien said the increasing demand for electricity meant the region would need all the sources of power it could get to meet requirements.“I think the Townsville community, particularly the business community, understands that reliable base-load power is critical to this economy taking its next great leap forward,” Bligh said.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-51842346093177245242011-04-24T19:15:00.001-07:002011-04-24T19:15:33.218-07:00Origin: PNG-Qld hydro plan doableDESPITE analysts labelling the multibillion-dollar PNG-Queensland hydro plan as “ambitious’’, Origin Energy says technically, it can now be achieved with little fuss.Last September, Origin Energy’s Grant King announced a plan to harness the resource from PNG’s Purari River to generate 1800MW of hydro power that would be shared between PNG and Australia.Mathew Murphy, an analyst, wrote in the Sydney Morning Herald last week that it was a project investigated 30 years ago but abandoned as impractical due in part to the electricity that would have been lost along the transmission line.“Analysts have labelled the multibillion-dollar plan ‘ambitious’ but King says that technically, it can now be achieved with little fuss.“However, there is an acknowledgment from Origin that building the project in PNG may prove the most ‘ambitious’ part,” Murphy wrote in SMH.As projects like the US$15 billion ExxonMobil-led PNG LNG development has already done, Origin has started preliminary work to determine what it can leave behind for the locals as its ‘’social licence’’ to operate.As Newmont Mining’s former president Pierre Lassonde said: “You don’t get your social licence by going to a government ministry and making an application or simply paying a fee.It requires far more than money to truly become part of the communities in which you operate, Murphy said.It was something that Origin had already recognised, Lassonde said.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-69427113325595118002011-04-24T19:14:00.001-07:002011-04-24T19:14:43.311-07:00Economy to grow 7.1% this year, says forecastPAPUA New Guinea's economy grew by an estimated 5.5% last year and is expected to grow 7.1% this year.According to the Deloitte Touche 2011 budget alert, the economy was able to weather the global recession of last year reasonably well, with the financial sector remaining resilient due to relatively low exposure to overseas financial instruments and a strong domestic funding base.However, the most heavily affected sectors were agriculture, forestry, fisheries and the manufacturing sectors due to declining overseas demand.Themed Building the foundations for economic growth and prosperity, the 2011 budget in many ways can be described as a "steady as she goes" budget, which builds on planning done in previous years and takes advantage of the increased revenue stream expected to be available next year.As in previous years, the government seeks to promote a stable macro economic and fiscal environment and to that end has announced a balanced budget.The global recovery together with expected increased commodity prices and production will result in additional mineral revenue in 2011.The government set out what it saw as a number of risks to the fiscal and economic outlook on which the budget is framed.These include the fragility of the global economy in terms of its impact on PNG exports and commodity prices, delays to the PNG LNG and other resource projects, and the government diverting from fiscal discipline and adding to already strong inflationary pressures.On the plus side, it was recognised that a number of mining and gas projects are under active consideration which would provide a boost to the PNG economy if they proceed.As such, the government will fund its established framework, the national agriculture development plan 2007-2016 with K109 million, with support also going to other sectors of agriculture.Fisheries will be receiving K55 million to foster investments in marine industrial zones and the Pacific Marine Industrial Zone in Madang.It will also receive K15 million for the Coastal Fisheries Development Programme.Forestry will be receiving support in terms of programmes aimed at, among others, support for forest research institute rehabilitation and support for sustainable forest management.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-55241372072029061972011-04-24T19:13:00.000-07:002011-04-24T19:14:01.491-07:00Nasfund expands asset base to K2.1bSource:<br />The National – Wednesday, December 1, 2010<br />Picture:<br /><br />THE National Superannuation Fund Ltd (Nasfund) has expanded its asset base to K2.1 billion, up 19%, during the 12-month period to October this year.Annualised since 1999, Nasfund has grown at an average 29.4% per annum over the 11 years to October making it the fastest-growing superannuation group in the country.This was disclosed in a brief report in Nasfund’s newsletter for the last quarter of the year released by joint executive officer Ian Tarutia.Joint-chief executive officer Rod Mitchell told The National the growth was mainly attributed to large increase in memberships and other investments.He said active contributing Nasfund members were now 138,241, with more than 1,906 employers contributing to the funds.Tarutia, in his Christmas message, said Nasfund disposed of non-core properties according to board resolution.He said this investment and risk management strategy recognised that the portfolio required a rebalancing in favour of relatively new construction in the portfolio.On the new property development, the Edge 63 luxury apartment development is taking shape with the building now coming out of the ground at Harbour City.“We aim to complete this building by December 2011,” Tarutia said.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-83481006506260951272011-04-24T19:12:00.001-07:002011-04-24T19:12:40.793-07:00NBPOL earns top sales revenue for firstSource:<br />The National – Tuesday, December 7, 2010<br />NEW Britain Palm Oil (NBPO) has this year generated US$355.3 million in sales revenue for the first nine months of this year to September.Profit before tax (PBT) for this period was US$87.9 million excluding the revaluation of biological assets, while expecting an end of year PBT at around US$117 million, excluding the revaluation of biological assets.The PNG-based company also raised a total of 22% ahead of the previous corresponding period with 335,086 tonnes of crude palm and kernel oil in total productions by September.However, total oil production is expected to reach 435,000 tonnes by end of the year based on increased hectares of palm in harvest, higher crude oil palm extraction rate and strong demand for refined oil from Europe.It is expected that total revenue for FY2010 to reach about US$450 million.NBO forward sold approximately 53,800 tonnes of all oils into the fourth quarter at an average price of US$863 per tonne, expecting a balance of oil production to be sold at an average price of US$880 per tonne to Dec 31.NBPO also had a significant production average when it acquired 80% of the Kula Palm Oil Ltd (KPOL), formerly CTP PNG Ltd, last April, contributing 236,639 tonnes of fruit bunches.It is believed that KPOL is operating below its production capacity and should take at least two years to bring its crop yield and production efficiencies into line with current extraction rates.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-30994548106290254242011-04-24T19:11:00.002-07:002011-04-24T19:12:04.389-07:00Brian Bell’s Xmas sales blitzSource:<br />The National – Wednesday, December 8, 2010<br />Picture:<br /><br />By GRACE AUKA UPNG journalism studentBRIAN Bell’s sales blitz has attracted a lot of city residents on the second day of its Greatest sale ever sales blitz where customers bought goods on special prices.Thousands of items at clearance price included gardening tools, homeware appliances, gift ware, sporting equipments, audio visual-portable stereos and many more.According to Brian Bell staff Leonard Vincent, it was a mega sale that would last for two weeks at the Sir John Guise stadium indoor complex.“The mega sale will be an ongoing one because there are a lot of items yet to be sold,” he said.The mega sale is to give way for the arrival of new stocks.So if you are thinking of buying early Christmas presents for this festive season, Brian Bell has it all.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-82965461932920053432011-04-24T19:11:00.001-07:002011-04-24T19:11:34.674-07:00OSL-PNG’s 20-yr partnershipSource:<br />The National – Wednesday, December 8, 2010<br />Picture:<br /><br />PAPUA New Guinea has, for more than 20 years, been enjoying substantial benefits from the Oil Search Ltd, whose fundamental benefits structure is progressive by world standards.Speaking at the 11th mining and petroleum conference in Sydney on Monday, OSL managing director Peter Botten told participants that the resource business in PNG had never been healthier in terms of major project development.He said, however, the true potential of resource wealth would not be reached without appropriate management of the huge benefit streams that would come from new developments.Botten said since 1992, the PNG government, provincial and local level governments, landowners (cash or non-cash or indirect payments) had received a total of K11.931 billion, with the government as the main recipient of the oil industry with K8.796 billion to date.The oil industry has a record investment in petroleum exploration and development, led by the PNG LNG, other projects and continued investment in oil.There is potential for significant development which will only reach potential if projects operate in a stable environment, have good management and governance of benefit streams which are essential for project stability and have the need to see benefits away from resources areas.Botten explained that primary benefit streams were mandated by the Oil and Gas Act (1996) and other legislation, while others were more discretionary and were managed through negotiation by the operator with the stakeholders.There is, however, a need for transparency and understanding of the benefits streams in order for it to work.This includes MoA funds distributions, which required greater governance, if they are to deliver fair outcomes.Botten said what had worked in the benefit streams included the Mineral Resource Development Co (MRDC) payments of equity dividend and royalties in the fields.Mandated apportionment of benefits to various stakeholders had worked, with a percentage given to community infrastructure and future generations.Botten said it was more important than ever to manage benefits in a rigorous and transparent way.He said recent steps by the government regarding establishment of independent sovereign wealth funds for receipts from PNG LNG was a new major positive initiative.These first steps were encouraging and needed a full understanding by all stakeholders, he said.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.comtag:blogger.com,1999:blog-6161703916192594936.post-3153241966469893872011-04-24T19:09:00.001-07:002011-04-24T19:09:53.551-07:00BonCafe! at Vision CitySource:<br />The National – Thursday, December 23, 2010<br />Picture:<br /><br />By VERONICA FRANCISIT was double delight for Christmas as City Pharmacy the country’s biggest health and beauty chain opened its store and coffee shop at the new Vision City Megamall in Port Moresby yesterday.The new shop is CPL’s 29th outlet, thus bringing the number to 12 for Port Moresby and 17 in the provinces.BonCafe, the Australian international coffee franchise, now has four coffee shops, namely at Deloitte Tower, Hardware Haus Waigani and Stop n Shop in downtown.According to CPL Group marketing manager Prue Go, the new health and beauty store boasts of exclusive personal care items, health supplements, general merchandise, IDesign appliances and many more.“There are also two experienced pharmacists at the new outlet to give professional advice, dispense with medicine using reviews and provide health checks,” she said.Go revealed that with the festive season here, City Pharmacy would be having specials on Sunday, where prices of goods would be slashed from 50% to 70%.City Pharmacy is under the umbrella organisation of CPL Group,which also owns Stop n Shop supermarkets, Hardware Haus Store and BonCafe franchise.Ewehttp://www.blogger.com/profile/14667803478967786509noreply@blogger.com