IPBC board meets in Lae

IPBC Managing Director Thomas Abe said today the corporation’s board of directors had held a very successful meeting in
Lae on Thursday, focussing their discussions on two major IPBC projects that will transform the Momase region.

“Board members also visited these two projects – the Lae Port development and the rehabilitation and expansion of the
Ramu Hydro Scheme,” he said.

“They also met community and business leaders to report on progress on the projects and to outline the huge impact they
will have on the regional and national economies.

“These would be significant projects anywhere in the world, with expenditure on Lae Port estimated at K700 million and the
three stages of the Ramu project at K2 billion.

“For the Momase region, they change the game completely.

“Not only will they expand Momase’s economic capacity across all sectors, they will create thousands of new jobs, directly and indirectly, and bring work to hundreds of small local businesses and sub-contractors.

“The days of constant power blackouts crippling local business and causing household havoc for ordinary Papua New
Guineans will be over.

“The obstacles to regional businesses and economic development posed by the inefficient, outdated and inadequate Lae
Port will be removed.”

Mr Abe said the board meeting in Lae was very timely, with IPBC moving ahead with both projects as fast as reasonably
possible.

Construction work is expected to start on Lae Port on May 8 and the Toe of Dam phase of Yonki is expected to be completed
by the middle of next year.

The new port facilities, funded 70 percent by the Asian Development Bank and 30 percent by the national Government
through IPBC, include a tidal basin, a berth and a terminal. All are expected to be completed in 2015.

The Ramu project is in three phases – Yonki power station rehabilitation, the Yonki Toe of Dam expansion and the proposed
new Ramu 2 dam and power station – and would increase generation from 45 megawatts to between 180 and 240
megawatts.

A feasibility study is being undertaken by the national Government through IPBC in partnership with PNG Energy
Developments Limited, a 50-50 joint venture between PNG Sustainable Developments Limited and Origin Energy of
Australia.

Mr Abe said the new board and management of IPBC were determined to put Papua New Guinea back on the road to
national development.

“The board and senior management came to Lae to show the community that we are not just sitting at our desks in Port
Moresby wasting time and money,” he said.

“We are getting out and getting the job done. IPBC is responsible for these critical projects, and we are taking our job very
seriously.”

Thomas Abe
Managing Director, IPBCCaption for accompanying photo:

IPBC directors and management inspected the Yonki Toe Of Dam project on their visit: From L to R; Akio Katayama (Project Manager,
Nippon Koei), Lawrence Solomon (Director, Strategic Planning & Marketing, PPL), Parkop Kurua (Senior Portfolio Manager, IPBC), Dr.
Thomas Webster (Chairman, IPBC), Tony Koiri (CEO, PPL), Anthony Yauieb (Alternate Director, IPBC), Peter Aitsi (Director, IPBC), PPL
Engineer.

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