Lae Tidal Basin Project

The LTBP Phase I was completed in 2014 and meets the projects’ core output of a 400m x 700m basin to a depth of 14 meters and a 240 meter wharf as well as laydown and storage area with the administration building and warehouse. Phase I cost is K809 million and a total of K270 million was the expenditure for 2014.

The IPBC is seeking NEC approval to implement Phase II of the LTBP. Phase II will cost a total of K727 million which is to be funded by commercial arrangements. IPBC has instigated dialogue with a few commercial banks to secure Phase II financing. Construction of Phase II is expected to be in full implementation throughout 2015 after the necessary statutory approvals are obtained. The output of Phase II is made up of an a extension of the basin by 200m, extension of the wharf by another 460 meters and an additional 5 hectares of storage area. Phase II is expected to be completed in 2016.

IPBC’s Key Deliverables for 2015:

  • Securing financing from Commercial Banks
  • Establishment of the management of the port operations.
  • Full operations of Phase I port
  • Full implementation of Phase II

Port Moresby Port Relocation Project

The PMPRP total project cost is K1.275 billion and is to be funded by a consortium of commercial banks. Sale and purchase agreement between Curtain Bros (PNG) Ltd, IPBC and PNGPCL was marked with the signing of the Letter of Intent on the 29th August 2014. The sale price is K725 million and an additional K550 million is budgeted for construction and extension of the port. The project cost has been approved by the NEC.

The Project Management Unit (PMU) for the PMPRP is made up of the Project Advisor, Project Engineer and Project Officer. It is planned that during construction phase from 2015 onwards more personal will be employed depending on the project’s needs.

ICCC approval for the acquisition has been sought by the IPBC and invitations to comment on the submission have been advertised for public opinion. IPBC continues to liaise with the Office of the Sate Solicitor to ensure that all statutory requirements are completed in 2015.

IPBC’s Key Deliverables for 2015:

  • Secure funding for acquisition and project implementation
  • ICCC approval/clearance for the acquisition of Motukea
  • Commence construction of the port extension
  • Planning and logistics – initiate POM Port relocation and consultation stakeholders