Air Energi now here

Caption: Air Energi Pacifica Ltd staff and management from the Air Energi offices in Brisbane, Singapore, Perth and PNG.  – Picture courtesy of Air Energi

THE reputation set by recruitment company Pacifica HR for high service delivery will continue now that global recruitment company Air Energi has acquired the outfit, The National reports.

Now known as Air Energi Pacifica Ltd, the group commercial director for Air Energi Graeme Lewis says there will be no staff changes or in the range of services offered by Air Energi.

The new company was officially launched last Thursday at Crowne Plaza in Port Moresby.

Air Energi is an international global manpower and recruitment services provider with regional headquarters in Manchester, Doha, Calgary, Houston, Singapore and Brisbane and a network of 30 offices worldwide, which now includes the Port Moresby office.

Air Energi said in a statement the Port Moresby office comprised 20 staff that fell in line with the Air Energi values of being innovative, passionate, pragmatic, knowledgeable and inclusive in what they did.

Mr Lewis, in his speech, talked about Air Energi’s proud record for providing support to some of the most prestigious energy projects around the world for the last 25 years.

Matthew Smith, vice-president for Air Energi Australasia, formally launched the business with Bank South Pacific chairman Noreo Beangke.

Mr Smith said Air Energi was happy with its decision to acquire the PNG-based human resource organisation, to further build on the existing business and pledged his full commitment to the development of the staff.

TWL offering 35% of equity in company

Caption: Staff of TWL in front of  hauling trucks at Moro. –  Nationalpic by SHEILA LASIBORI

 By SHEILA LASIBORI

 

SOUTHERN Highlands-based transport company Trans Wonderland Ltd (TWL) is offering an un-acquired 35% equity to landowner companies (lancos), according to managing director Larry Andagali, The National reports.

So far, 65% has being taken up by existing lancos, the latest being Moran Ina Naga Ltd, which paid K240,000 for its 10% equity share covering areas in petroleum development licence (PDL) 5 and 6 (each have 5% interest in the purchase).

Witnessed by some company directors, Moran chairman Tony Kila made the cheque payment to Mr Andagali on last night in Port Moresby during the deal signing between Hides Gas Development Corp (HGDC) and Business for Millennium Development (B4MD).

TWL, which started operating last June but formally launched only in July, has 21 earth-moving equipment to date from the initial 17 and employees over 120 staff.

According to Mr Andagali, the Moro-based company with offices in Lae for LNG cargo coordination would go into shipping and aviation.

“TWL will also move into aviation and shipping … we are having discussions and are still working on it,” he said, adding with the support of Moran and other lancos, they would reach their investment goals.

 “So everyone in Hides, Kutubu and Moran … we still have 35% that is available,” he said as he called on landowners in areas along the LNG pipeline, Angore, Juha, Komo airfield, PDL 1 and 5 to form their companies and buy shares in TWL.

Mr Andagali said starting from Moran at the border of PDL 6 into Juha, Angore and Hides would take up 50% in TWL while Kutubu, Upper Foe and Lower Foe including Poroma access road landowners would own the other 50%.

He said TWL was also working with Gobe and Kikori landowners who owned a transport company.

“We are in discussions for a joint venture tie-up to provide transportation services from Kopi all the way to Hides so there is no interruption.

“TWL is to be one-stop-shop transport and logistics company … we are working towards that aim to build up to 100-300 truck-fleet but working towards 100 trucks,” he said.

TWL’s six-monthly meeting for shareholders is due this month end.

Mitsui wins gas plan deals

 THE PNG liquefied natural gas (LNG) project has awarded Japanese transport company Mitsui OSK Lines Ltd (MOL) two long-term charters, The National reports.

The charters are for MOL’s two existing 177,000 cubic meter capacity LNG carriers with the state-of-the-art tri-fuel-diesel electric propulsion systems built in Korea at Hyundai yards this year and co-owned by Itochu Corp (Itochu) (MOL 70% and Itochu 30%).

The vessels are to be operated by MOL.

Simultaneously, MOL has entered into two heads of agreement, one with the PNG LNG project and one with an ExxonMobil affiliated company in the Gorgon project. Here, MOL will construct and long-term charter a total of four LNG vessels to the projects, all of which are planned to be built in China.

Deliveries will start in 2014-16 timeframe.

According to the statement, MOL has a proven track record of providing first class transportation for large scale LNG projects in the Asia Pacific and Middle East regions for over 30 years.

MOL also acknowledged ExxonMobil for their long association and their affiliates and joint ventures and was looking forward to working with them and their partners in the years ahead.

 

InterOil profit US$6.1m

INTEROIL Corp recorded net profit of US$6.1 million (K17 million) as against a net loss of US$11.8 million (K32 million) for the same period in 2008, The National reports.

The company said it was its first posting of annual profit.

Profits from InterOil’s refining and distribution businesses more than offset losses incurred in its developing upstream and liquefaction businesses.

This profit figure for the period ending Dec 31 included a significant expense item amounting to US$31.7 million (K87 million) for a “loss on extinguishment of indirect participation interest liability”.

This relates to an exchange transaction entered into with certain indirect participation interest (IPI) holders when their interests were exchanged for a certain number of InterOil’s common shares.

InterOil petroleum products sold in PNG totalled 6.5 million barrels for fiscal year last year compared with 6.6 million barrels in 2008, a steady result in light of the global economic backdrop.

Total revenue last year was US$693.1 million (K1.904 billion), compared with US$919.7 million (K2.527 billion) for 2008.

“The difference is primarily explained by lower crude oil prices, giving rise to commensurately lower product pricing in the current year,” InterOil said in a statement.

InterOil’s earnings before interest taxes, depreciation and amortisation (Ebitda) for the year was US$19.3 million (K53 million), down US$3.1 million (K9 million) from US$22.4 million (K62 million) in 2008.

This Ebitda figure would be US$51 million (K140 million) if the US$31.7 million (K87 million) ‘loss on extinguishment’ of the IPI liability was excluded.

 

Small reforms make big sense

Issued by the APEC Secretariat

 

Hiroshima, Japan, 3 March 2010 – The number of days it takes to start a business can have a direct impact on economic growth, says the World Bank.

According to Yara Salem, Private Sector Development Specialist at the World Bank, simple streamlining of processes can have a dramatic impact on economic performance:

“On average, reducing business-related processes by ten days leads to a 0.4 percent economic growth.  For some it is even more.  For Singapore, reducing the cost of starting a business has increased economic growth by about one percent and for Peru by 2.57 percent.”

In addition, she says, making it easier to start a company can also have a positive impact on employment.  She notes, as an example, the dramatic 28 percent increase in the number of businesses registered in Viet Nam following reforms in 2005.

Of course, economies should not stop at registration processes.  The benefits of one-dimensional reform are easily undone.  Salem specifies that to achieve enduring results demands coordination among institutions:

“You don’t want people just to register businesses.  You also want them to pay taxes, protect workers and know about the services that exist to help them.  You want to analyse the results and monitor them.”

Mexico is an excellent example of an economy that has created a synergy among agencies so that businesses can follow procedures at a “one-stop shop.”  A reduction of red tape has led to a five percent increase in newly registered companies and employment growth of almost three percent.

According to Salem, the five most important things that economies can do to increase the ease of establishing a business are:

• Provide one-stop shop service: reduce the number of offices a business must visit to establish itself legally. 
• Simplify registration formalities: make the process easier and make it purely administrative.
• Introduce or improve online processes so that they are interlinked.
• Simplify post-registration procedures at local levels.
• Abolish minimum capital requirements.

Only five out of APEC’s 21 members maintain minimal capital requirements for starting a business and APEC economies account for five of the ten world economies in which it is easiest to start a business.  These economies have standardised forms that are simple and in which answers are not subject to interpretation.  Registration fees are fixed and there is a very simple publication requirement to announce the creation of new companies. 

These topics were discussed by regional policy-makers and international experts at this week’s Ease of Doing Business Seminar, organised by the APEC Economic Committee.

As per the direction of APEC Leaders, economies are developing strategies for growth that is balanced, inclusive, sustainable and knowledge-based.  Specifically, they aim to create conditions that are conducive to business and which, by extension, lead to increased employment and economic growth.  Trade facilitation is one of APEC’s fundamental goals and APEC economies continue to address barriers to trade, including the time, cost and frustration associated with starting and operating a business. 

For more information, contact:

Carolyn Williams at cdw@apec.org or at (65) 9617 7316

Linda Carroll at lac@apec.org or at (65) 9647 4847

 

 

 

PNG carbon trader joins forces with Australian technolgy group

By Ilya Gridneff

PORT MORESBY, March 2 AAP – ASX-listed m2m Corporation Ltd has dropped a $10 million merger with Carbon Planet and gone into business with a man accused of running a carbon “cargo cult” in Papua New Guinea. 

Former disqualified Australian horse trainer and Philippine cock-fighting syndicate operator Kirk Roberts, and his company Nupan, is now working fortechnology investment group m2m to develop carbon trading projects in PNG. 

At a volatile meeting between PNG government and forest landowners on Monday Mr Roberts, who is also under investigation by the PNG’s Forest Authority (FA),was accused by PNG’s Forest Minister Beldan Namah of promoting a carbon “cargo cult”. 

But Mr Roberts, who received $1.1 million from Adelaide-based Carbon Planet in 2008, shrugs off widespread criticisms and is adamant he represents numerous PNG landowner groups who want lucrative carbon projects developed under a voluntary system. 

PNG authorities are worried Mr Roberts is undermining existing forestry laws, possibly misleading landowners in remote areas all while exploiting PNG’svacuum of national legislation and policy covering carbon trading where companies can offset emissions by supporting forest growth. 

East Pangia, in PNG’s rugged Southern Highlands region, is the latest carbon battle ground as Mr Roberts promises what many PNG villagers call ’sky money’because he appears to be selling air. 

At Monday’s meeting with divided Pangia landowner groups some argued for Nupan’s carbon trading, some argued for logging while a raft of governmentofficials and ministers criticised Mr Roberts’ carbon scheme. 

PNG’s FA managing director Kanawi Pouru last month took out a newspaper advertisement outlining an investigation into Mr Roberts while remindinglandowners Pangia had been allocated for logging since 2002. 

In July 2009 m2m announced a merger as a way for a back-door listing for Carbon Planet but the deal fell through in January this year, a month after m2mannounced that Mr Roberts’ Nupan would become their “rainforest developer”. 

“It is very important for shareholders to note m2m’s existing carbon credit business will not be affected by the Carbon Planet transaction not proceeding,”an m2m statement said. 

Nupan will generate about 10 million scientifically approved and verified carbon credits from 15 forestry projects in PNG over the first half of 2010,m2m said.   “Completion will allow m2m to recognise about $1 million in revenue in the first quarter of next year (2010). Further trading from the 15 projects isanticipated to deliver in excess of $4 million revenue by December 2010 and positive earnings,” another statement said. 

Ian Clarkson, m2m executive chairman, told AAP he would call back with a response but did not.   Paul Barker director of PNG’s think tank Institute of National Affairs said PNG does not need any more carbon trade scandals. 

“One would like options for the landowners other than logging operations, which have ruled the roost for years with many bad results,” he said. 

Mr Roberts is linked to last year’s sacking of a top PNG climate change official and is tied to an ongoing government investigation of PNG’s nowdefunct Office of Climate Change. 

Carbon Planet has replaced former CEO Jim Johnson with Dr Ross Williams while executive director Dave Sag declined to comment on recent developments”due to the confidentiality clauses that persist in our contracts”. 

m2m’s current market capitalisation is about $6.7 million and its shares last traded at 0.3 of a cent.

Source AAP

 

'Reveal names'

Somare to refer The National to privileges committee

 

By ISAAC NICHOLAS

 

Public Enterprise Minister Arthur Somare wants the names of the politicians who are allegedly behind the escape of suspected bank robber William Nanua Kapris and 11 others to be revealed in Parliament, The National reports.

Mr Somare yesterday threatened to use Parliament to force The National to reveal the names of the three politicians allegedly involved with the top bank robbery suspect.

The Angoram MP gave notice that he would move a motion today in Parliament for the newspaper to be summoned before the Parliamentary Privileges Committee to reveal the name of one MP and two ministers alleged to have funded Kapris’ escape as well as benefited from the proceeds of his crime.

He said the reporter who wrote the story and the newspaper should be hauled before the committee to provide names.

Deputy Speaker Francis Marus, in response, said he would advise the minister after considering the matter.

Mr Somare’s move came after questions were raised during Question Time by Bulolo MP Sam Basil.

Mr Basil said newspaper reports on the front page of The National yesterday and in previous weeks have allegedly accused MPs of assisting criminals carry out their activities.

In his questions to Attorney-General and Justice Minister Dr Allan Marat, Mr Basil asked if the report was true and, if not true, could the minister asked the newspaper not to publish these reports.

He said if the report was true, could Dr Marat ask the newspaper to publicise the names of the MPs allegedly involved.

Mr Basil said the integrity of Parliament and MPs have been called into question by such reports, drawing a round of applause from the public gallery.

He had to repeat the question after Dr Marat sidetracked and started talking about Parliament security.

The minister, however, denied any knowledge of these rogue “politicians”.

The National reported yesterday that Kapris had told police after his capture that three politicians funded his escape from Bomana jail on Jan 12.

He also revealed to police how much he paid each of the “politicians” from the robberies he staged, and that he feared he was a “marked man.