Kumul Petroleum Holdings Limited has finalised all finance arrangements to conclude the purchase of an additional 2.6% equity in the PNG LNG Project. Kumul Petroleum Holdings Managing Director, Mr Sonk, highlighted that the Kumul Petroleum has been able to raise sufficient funds to close the deal for an additional 2.6% interest in the PNG LNG Project in a very tough international finance environment where the interest rates have risen to levels not experienced for a long time and an environment where the appetite for funding of any hydrocarbon project is becoming increasingly scarce. “This capital raising is a major transaction for KPHL, one that we have negotiated and finalised independently with our advisors, Mizuho Bank.” Mr Sonk further outlined that the capital raising involved local banks led by the BSP Banking Group along with international banks combined with LNG equity marketing arrangements negotiated by Kumul Petroleum. He noted that local banks support was oversubscribed, and a portion of the Kina commitments made will be applied for the balance of an additional 2.4% equity in PNG LNG Project and the KPHL contribution for its Papua LNG Project equity interest of 22.5%. “We’ve paid Santos approximately $250 million as part payment, fulfilled all conditions precedent and signed binding funding arrangements for the remainder of the transaction cost thus Santos has agreed that this funding can be drawn down by 31 January 2024 to enable completion of this transaction.” “The transaction has been approved by the KPHL Board and NEC and then cleared by the PNG Independent Consumer and Competition Commission, so this equity purchase arrangement can now proceed.” “We thank Santos for their patience and understanding, enabling this transaction to be finalised and our shareholding in this robust LNG project to be increased.” Mr Sonk added further that this exercise would not have been possible without the support of the Government, particularly SOE Minister Duma and Prime Minister James Marape. “I am particularly gratified by our local banks and superannuation funds for stepping up to participate in this investment in the future, enabling their Papua New Guinean shareholders and members to participate in both the PNG LNG and Papua LNG projects.”

With PNG Games just two weeks away, provincial teams and clubs are hard at training preparing for these long-awaited games. Here in Port Moresby, the Enga Port Moresby Based Combat Kickboxing Club is also gearing up in preparations for the PNG Games. President Nelson Walen stated that some of his senior and top fighters will be representing Enga Province in the PNG Games which will be happening next year January 10th -20th 2024. With the Club registering over 13 wins in all the fights this year and being winner of the raising of the Champion Kickboxing Showdown recently in Bomana, the boys are in their best form to boost team Enga in the Boxing and Kick Boxing tournaments. Mr Walen is now extending the invitation to the Enga Base Boxing and Kick boxing Clubs whose fighters will be representing Enga Province to send their fighters down early and to get in touch with Port Moresby Base Enga Combat Club to have the fighters train together in preparation for the PNG Games. “We want the Enga fighters to come down a week or two early so we can have some sessions together at our club.” “We are here to support and raise the standard of Kick boxing and Boxing in Enga Province and it will be really nice to have all fighters’ camp together, train and have some spars in one spirit.” Mr Wallen said they have a common aim, and that is to combat violence, abuse, and bad habits amongst youths in Enga and it will be good to stand united during the PNG Games and show the youth in Enga the better side of life that sports can offer then what is in the tribal war zones.

The 6th Congregation of Toaripi circuit, Papuan Gulf Region had a wonderful Boxing Day celebration on Tuesday with the opening of their new Popo Luluapo United new Church Building. After 24 years of sweat, dedication, and prayer the people of Popo were finally able to see the opening of their new church building. The Official opening and Commissioning of the church building was done by Gulf Governor Sir Chris Haiveta and the ribbon cutting was done by Member for Kerema Open, Thomas Opa and Kerema Town Mayor Mr Sam Koraea. During the opening remarks Governor Sir Chris Haiveta highlighted that Popo was his home during his childhood days and to see a brand-new church building is a testament of faith and hard work”. “The building was initiated when I was Governor back in 1990 and now, I am back and I am happy to play a part in the erection and establishment of this church building” “It is a thorough satisfaction for me today to have been witness to the beginning and completion and commissioning today and all blessings and all honour to God almighty,” said he added. Superintendent Minister for Toaripi Circuit, Rev. Alex Mai Lorou during the worship and dedication prayer stated that all glory and honour is to be given back to Lord Jesus and he further thanked the congregation for their commitment in cash and kind towards the establishment of the new church building. Rev. Alex Mai revealed that the church building was built a total cost of K800, 000. It is named, the Samuel Koai Memorial Church, after the founder of the church Mr Samuel Koai.

Climate change poses a serious existential threat to humanity especially for the Pacific Island Countries including Papua New Guinea (PNG), they remain the most vulnerable in the region. In response to this challenge, China and Pacific Island countries in the last two weeks converged in two significant events to address climate challenges in the Pacific under the China-Pacific Island Countries Climate Action Cooperation. These events, the 'Second China-Pacific Island Countries Workshop on Climate Change' and a 'High-level Pacific Island Countries Climate Action Dialogue,' were held in Liaocheng City, Shandong Province, China where representatives from Pacific Island Countries including PNG participated. Discussions at these events were centred on climate governance, regional responses to climate change, impacts on terrestrial ecosystems, marine ecology, ocean governance and other significant climate change related issues. During the dialogue, China highlighted its commitment to supporting developing countries in the region through the south-south cooperation through assistance such as capacity-building, technology transfer, financial support and research. This builds on from the China-Pacific Island Countries Climate Action Cooperation Centre (CPICCACC), which was launched in April 2022. China’s commitment stands as a testament to intensify China’s response to climate change in the region after a decade of dedicated research. Participants from the Pacific Island Countries shared similar sentiments, acknowledging that the China-Pacific Island Countries Climate Action Cooperation is essential for addressing immediate challenges posed by climate change, promoting international collaboration, and laying the groundwork for a sustainable and shared future and must be supported. Ms. Jealchris Inji, from the Climate Change and Development Authority (CCDA) PNG, expressed gratitude at the high-level dialogue, saying, it was an honour for Papua New Guinea to be part of these events. “Our presence reaffirms our country’s support towards addressing climate change by joining hands with Pacific Islands sister countries." In her expert presentation at the High-Level Dialogue, she emphasized the importance of collaborative approach in addressing climate change. “Despite how many thousands of miles apart; we all as Pacific Island countries share the same ocean; we breathe the same air." "We are just one people living on one planet, and our children will share the same future together." She said this must be the drive for the entire entire world to collaboratively address climate change.

Moresby North East Holdings, the business arm of Moresby North East District and National Capital District Commission have officially opened a Betelnut Wholesale market at 6-mile recently. The 6-mile market next to the Incubation centre was licensed by NCDC to operate as a wholesale for betelnut sellers from Mekeo and Kairuku to sell their betel-nut produce. The wholesale license was presented to Mr Peter Philip Director of Moresby North East Holdings by Ms Janel Awa, Director for NCD Community and Social Service. During the launching Moresby North East member John Kaupa said it took them 6 months of tireless efforts to meet prepare the market to a standard where it meets the requirements and standards put by NCDC market board in order to acquire a formal license to operate. The new market has an ablution block for male and female, shower and also a safe place for the betelnut sellers travelling in to have their rest before doing business. Mr Kaupa urged all the betelnut buyers and sellers who were present at the launching to take full responsibility of the facilities and to befriend the producers from Kairuku and Mekeo as well as other Central Province betelnut growers who want to sell their produce in 6-mile Betelnut Wholesale. “If we destroy the facilities or if we cause nuisance in and around this new whole sale market than we will simply loose our licence to operate because this licence is only for 6 months.”   Kaupa also reminded the people of Moresby North East that despite several attempts by NCDC and NCD to ban betelnut in the past, that’s because of the rubbish betelnut cause around the Nation’s Capital. “Sell betelnut at the right place, buy betelnut at the right place, chew at the right place and spit at the right place, these are just basic rules that all chewers must always remember.” Mr Kaupa further thanked Mr Steven Ani who is the president for the Kairuku Betelnut growers for coming onboard to mark 6-mile Wholesale as their market. He further stated that all PMVs carrying betelnut and is bound for 6mile Mile Betelnut Wholesale will be issued trading permit. “We want to make this place safe and friendly, so our friends from Kairuku and Mekeo can come here and sell free and go back home safe, plus you buyers do not have to risk your lives to go out and look for betelnut bags.”

The Governments of Papua New Guinea and the Government of Singapore jointly signed a groundbreaking Implementation Agreement for cooperation under Article 6 of the Paris Agreement on climate change at the margins of COP28 recently. The ceremony was officiated by Minister for Environment, Conservation and Climate Change, Simon Kilepa and Singapore's Minister for Sustainability and the Environment, Ms. Grace Fu. The joint agreement marks a significant leap forward in international collaboration to address climate challenges. Minister Kilepa expressed his gratitude on behalf of the Government of Papua New Guinea at the signing ceremony, emphasizing the Agreement's importance in strengthening the cordial bilateral relations between Papua New Guinea and Singapore. Minister Kilepa highlighted that the Agreement's role is to foster constructive dialogue and cooperation in areas of mutual interest, including climate change, trade, and investment. Minister Fu also shared her expressed her gratitude in joining Minister Kilepa to sign Singapore's first-ever Implementation Agreement. This agreement holds particular significance as it solidifies Singapore’s partnership with Papua New Guinea, who is a fellow member of the Alliance of Small Island States (AOSIS). Both ministers acknowledged the critical role of Article 6 as a mechanism in enabling countries to voluntarily cooperate in achieving climate targets, including Nationally Determined Contributions (NDCs), while advancing global climate action and ambition. The Implementation Agreement sets up a bilateral framework for the transfer of carbon credits with corresponding adjustments aligned with Article 6, providing a pathway for financing meaningful climate mitigation projects in Papua New Guinea. Key components of the Agreement include a requirement for project developers to cancel 2% of authorized carbon credits at issuance, ensuring an overall mitigation of global emissions. Additionally, project developers will contribute an equivalent of 5% share of proceeds towards adaptation action in Papua New Guinea, advancing both mitigation and adaptation actions in line with the Paris Agreement goals. Minister Kilepa applauded the partnership as a milestone for Papua New Guinea and thanked the technical officials from both countries for their tireless efforts in ensuring the Agreement's successful conclusion and signing. Minister Fu stressed the imperative of high-integrity carbon markets, emphasizing that the environmental integrity of carbon credits under this Implementation Agreement meets internationally recognized standards. Both ministers anticipate the collaborative identification of mutually beneficial compliant carbon credit projects that contribute to achieving the NDCs of both countries, solidifying a commitment to sustainable development and climate resilience.

In a significant address at a high-level ministerial forum at COP28 in Dubai, Vice Minister for Petroleum and Energy, Thomas Opa, expressed Papua New Guinea's (PNG) steadfast commitment to a just and equitable energy transition for a climate-resilient future. The Vice Minister highlighted that PNG as the largest island state in the Pacific, PNG, with a population of approximately ten million, is proudly asserting its unwavering support for the International Renewable Energy Agency (IRENA) and the Small Island Developing States (SIDS) initiative. He highlighted PNG's enduring membership with IRENA and emphasized the nation's conscientious approach to managing its rainforests and abundant resources, including oil and gas, with a focus on responsible monetization. “In alignment with the visionary aspirations of Prime Minister Honourable James Marape, PNG is dedicated to championing the global agenda on climate change.” He added that a recent milestone in this commitment was the signing of a significant agreement with French President Emmanuel Macron, securing $100 million in forest conservation support. “This agreement accentuates Papua New Guinea's firm support for the Pacific Island Forums and all small island developing states, recognizing the undeniable reality of climate change and the imminent challenges faced by small island states, including those within PNG.” “PNG stands ready to actively back IRENA and its initiatives in the energy transition and is committed to contributing substantially to the collective effort aimed at creating a more sustainable and secure world for all.” His statement reflected PNG's dedication to playing a pivotal role in the global movement towards renewable energy and climate resilience. “The nation's proactive measures and collaborative initiatives align with international efforts, positioning PNG as a leader in the pursuit of a climate-resilient future.”

Minister for Environment, Conservation and Climate Change Simon Kilepa has expressed concerns regarding recent media reports alleging many PNG delegation travelled to Dubai for COP 28, defying the Prime Minister James Marape’s order. He stated that as the Minister responsible for climate change and the head of the delegation to the 28th United Nations Climate Change Conference of Parties (COP28), he feels compelled to address the misleading reports. “First and foremost, it is disheartening to witness a daily newspaper company persistently publishing news without verifying facts from multiple sources.” Minister Kilepa added this hinders the dissemination of accurate information; contributing solely to the instigation of public criticism and that such practice must be condemned. “During my last press conference in the country before I left for COP28, we clearly stated that we had complied with the Prime Minister's instruction to reduce the delegation size from 56 to 49 of which 29 are Technical Officials and 20 High Level Officials who have participated in Leaders and Ministerial mandated events.” “They were all on different schedules and on different itineraries so precisely, PNG’s approved number of participants is 49.” Minster further added that it is essential to clarify that additional participants, funded by private sectors, development partners, businesses in PNG, NGOs operating in PNG attend COP events under the UNFCCC. “To access the venue, they must be registered under the PNG badge, and it must also be noted that NOT all are funded by the PNG Government.” “Even more than half the number on the UNFCCC registration list did not actually attend COP 28.’’ He added that the registration list provides to secure interested person to access services associated to travelling to COP such as visa support and access to the blue and green zones of COP Venue. “I question the basis for the dailies assertion of defiance against the Prime Minister's instruction.” Minister further clarified that currently on the ground are 29 participants attending the COP, representing key sector agencies such as Forestry, Environment, Agriculture, Transport, Energy, Health, Finance, Roads, Infrastructure, Women and Youths which have an active role in the country’s climate adaptation and mitigation efforts. This annual event is budgeted for and is a crucial global event that demands our active participation as a country that is hugely affected by climate change but also has a lot to offer to the world in terms of climate change mitigation. “It is disheartening to witness the 29 participants, working diligently to contribute to the negotiations at different levels and representing our country, face unwarranted criticism due to unverified reports such as this and I demand an apology for disseminating inaccurate information that detracts from the positive initiatives we have undertaken, including the French PNG country package of $100 million announced at the start of this Conference.” “I urge media outlets to adhere to responsible journalism practices by verifying information before publication, as inaccurate reporting undermines the credibility of the press and the public's right to factual and unbiased news.”

Teachers Savings and Loan Society (TISA) today formally commissioned its new state-of-the-art Data Centre. During the commissioning, TISA’s Group CEO, Michael Koisen said that the Data Centre is a significant milestone for TISA. “This new Date Centre is a world class Tier Two Data Centre which will provide a resilient, robust, and efficient facility for hosting the critical systems to run our business.” Mr Koisen further stated that it is also the first and only fire rated glass panelled wall Data Centre (DC) in PNG, meaning the fire-rated glass walls are fireproof and give a full view of the Centre as well. “This new Data Centre will ensure our members’ and customers information is stored safely and securely and guarantees our members consistent access to services without disruptions.” “Our new Data Centre will contribute to a positive overall user experience for our members and customers.” Koisen added that it took them almost a year to finally reach this stage, despite having some minor setbacks during the year, but the team together with the project partners pressed on to ensure TISA completed this massive project. “We completed all the industry checks and tests - to make sure our new DC is working effectively and I’m happy to say that all have been successfully completed.” The new DC will ensure that TISA’s Core IT systems are managed in a controlled, safe, and standardized environment leading to smooth operations for all our Banking services without interruption. It also comes with world class equipment providing backup Power and Cooling supply along with Fire suppression and environment sensitive alarm systems. “For us, the opening of our DC means TISA is meeting industry standards and compliance requirements set by the Bank of PNG and will quicken our preparations on our transformation into a commercial bank – which I’m happy to also mention that we are making steady progress as well on our transformation.” Other features of this new Data Centre include: • There’s two automated backup gensets that will start as soon as the power supply goes off • Two UPS systems configured in auto failover mode feeding into dual PDUs in all racks in both rows. • Network backups with clustered equipment and backup ISP links. • Hot Aisle containment with four In Row Cooling units configured in high availability redundant setup which operates two at a time in tandem. • Highly scalable environment 2 Rows of 6 Racks that has backup interconnection between racks in both rows. • Gas fire suppression system ensures fire resistant environment. • Anti-Static Data centre equipment/hardware staging room. • Dual door Multifactor Biometric enabled Datacenter door access system. • All equipment is enabled with alert mechanism to send health checks via SMS/Email. • Online replication to DR site ensuring minimal RPO/RTO. “This endeavour is not only a milestone for TISA but a matter of pride for the Nation’s Financial sector which requires such world class facilities for its modernization and technological progress.” “It also embodies the progressive and customer centric path being treaded by the financial sector where TISA will continue to contribute,” said Mr Koisen

Pacific leaders launched their "bold vision" which they hope will "create transformational partnerships" for a prosperous region on Sunday. The 'Blue Pacific Prosperity' initiative was unveiled on the side-lines of the UN climate talks in Dubai. It is made up focuses on three goals to protect the ocean, have healthy people and ensure finance is accessible. Almost a third of the region's ocean is to be put under protection under the new proposal, in line with [https://www.context.news/nature/what-is-the-30-by-30-goal-and-can-it-save-global-biodiversity UN 30 by 30 goal. A major design of the initiative allows philanthropic organisations and the private sector to give money. The chief executive and president of Bezos Earth Fund Andrew Steer pencilled in US$100,000 at the launch of the initiative on 3 December. "Today, you are announcing the biggest single biggest conservation effort in history," Steer told Pacific leaders at the launch. The Global Environment Facility also announced another US$125m. Pacific Islands Forum secretary general Henry Puna said the proposal would create a new way for the Pacific to generate finance, especially for ocean management and conservation. The private sector is very interested in contributing towards environmental measures, he said. "This is the first time that we in the Pacific are now looking at not just the traditional sources of funding that we've been getting, but a new source of funding," Puna said. "I don't think it's an opportunity that we should dismiss; we should really embrace it and importantly receive [finance] on our own terms." Palau's President Surangel Whipps Jr said the Pacific had demonstrated to the world the region is committed to the environment. "We are doing our part, and we ask our friends and partners to do their part, and also to invest in us." Pacific leaders have long been critical of climate finance, which they see as inadequate and hard to access. The Blue Pacific Prosperity business case document said there was "broad consensus about what needs to be done", but insufficient funding. "The International Monetary Fund (IMF) estimates that US$1 billion per year should be spent in the Pacific on climate adaptation, while the International Renewable Energy Agency estimates the need to spend US$650m annually just to meet renewable energy targets," it said. "Yet no more than US$200m each year is currently spent on climate adaptation across the entire Blue Pacific Continent - only 20 percent of the IMF recommendation for an area five times as large as the continental US." 'Entrepreneurial and innovative' Pacific Community's director of partnerships Karena Lyons said leaders have taken an innovative approach to the problem. "They're showing the world that it's not good enough to sit around and talk about climate financing or development financing," she said. "We actually have to be entrepreneurial and innovative and try to strategically use the capabilities that we have. "That's how we've really landed in this place, where we've developed an initiative that was just so attractive to potential investors that you saw a $225m commitment." The proposal will be open for signing from Tuesday (Dubai time) at COP28. Whipps Jr said he had received assurances that most Pacific countries will sign. "We don't know if every country will sign, but we know that a vast majority of the Pacific countries will commit at this COP," he said. "We're excited about that and to partner with our partners here, especially philanthropy and governments in this effort." Special Presidential envoy for climate John Kerry said Pacific voices were among the most powerful in the world when it comes to climate change. "Your crisis of life itself, and in the existence in the homeland you have, is caused by the unmitigated, unabated, burning of fossil fuels, that's it; and if we don't stop burning unabated fossil fuels - shame on us," Kerry told Pacific leaders at the launch of the initiative. Source:rnz.com

The Pacific Islands Climate Action Network says while the Loss and Damage Fund deal reached at the COP28  summit in Dubai is significant, it does not go far enough. PICAN's Lavetanalagi Seru, who is in Dubai, said the fund is what climate justice advocates view as responding to the needs and the calls from climate frontline communities and countries. But, he said, at the same time, it was not what they hoped for in terms of what the package. "It's not a package that we happy about where there's definitely been compromises," he said. "For instance, around ensuring that the principle of common but differentiated responsibility is core and that human rights language is also embedded in the establishment of the loss and damage fund." Seru said the Pacific and many other climate vulnerable countries have been waiting for these for the last 30 years when Vanuatu proposed a loss and damage fund. "What civil society, what many climate vulnerable and frontline countries and communities have been asking for, is a fund that is fit for purpose, without responding to the urgency to the scale and the need of our communities. "And we've heard that there's been some initial pledges by the UAE, the European Union, the UK, among others. But it comes to a mere US$400 million, what the loss and damage fund should be mobilizing is not millions, but billions." Seru said that is because of the scale of the impacts in many of these countries, both economic and non-economic losses and damage. "It requires significant funding and support from the most developed and the most industrialized countries that caused the climate crisis in the first place." A series of small pledges that countries hoped would build throughout the conference to a substantial sum, including US$100 million (NZ$162m) from the COP28 host the United Arab Emirates, at least US$51m (NZ$82m) from Britain, US$17.5m (NZ$28.4m) from the United States, and US$10m (NZ$16.2m) from Japan. Later, the European Union pledged US$245.3m (NZ$399m), which included US$100m pledged by Germany. The pledges are currently insufficient because the level of capitalization beyond this initial finance should move to the billions, according to Seru. "I think there is concerns around knowing the replenishment of the fund after this series of initial pledges, how are we going to sustain these. "Overall, while it may seem like it's a significant progress, for countries like Tuvalu, Kiribati, who are already grappling with sea level rise and the prospect of their people having to relocate...it's not something that you could easily pay off with a cheque book," he said. SOURCE: RNZ.COM

The body of a young man was found early this morning inside a drain just adjacent to the Gordons police station, Port Moresby. The morning rush hour was brought to halt as the passing public lined up beside the drain to see the lifeless body that was lying inside the drain between the Pilipino Basket Hall and the police station. Gordons Police confirmed that the body was identified by relatives as a young man in his 20’s from the Hela Province. Gordons Police stated that there was no rain last night that could have caused the drain to flood and brought the body there. Police believed that the murder was done somewhere else, and the body dumped in the drain late last night or in the early hours of this morning. The body was removed from the drain around 9am after the Police Criminal Investigation Division (CID) made assessments and examined the body. This is now a homicide case and is now in the hands of CID to do further investigation into the cause of death.