April 8, 2016
Minister for Trade, Commerce & Industry Hon. Richard Maru today announced the achievement this week of several major milestones in the progress of the construction of the Pacific Marine Industrial Zone (PMIZ).
The project has been placed under the control and management of Kumul Consolidated Holdings by the National Executive Council, reporting to the Minister for Public Enterprises & State Investments Hon. William Duma. KCH has the resources to ensure that the PMIZ is delivered as a transformational project for the Madang province and PNG.
The second and most critical milestone achieved has been the completion this week of a detailed independent review of the contractor’s engineering designs and specifications for the project.
Kumul Consolidated Holdings (KCH) engaged respected global provider of professional technical services consultants, AECOM, to undertake the design and specification review of the contractor’s engineering inputs for the project. KCH is satisfied with the support it has obtained from the contractor throughout the review process and is pleased to announce that the contractor’s designs and specifications have been approved subject to the finalisation of a number of relatively minor items that will be resolved in the near future.
On the basis of the engineering sign off, the Department of Trade Commerce & Industry today issued the Commencement Order for construction of Phase 1 of the PMIZ project with a value of USD95 million to China Shenyang International Economic & Technical Cooperation Corporation Limited (CSYIC) for which China EXIM Bank funding for 78% has been approved with the remainder sourced from the PNG Government.
CSYIC will soon commence work and Phase 1 is expected to be completed within 33 months. KCH will be seeking other private sector involvement for the remainder of the project.
CSYIC is very experienced in similar large scale projects and has been associated with the PMIZ project for many years and to date has clearly demonstrated a commitment to achieving success in the project.
In addition to the review of designs and specifications by KCH, Ministers Maru and Duma also stressed the importance of the PMIZ being built according to the highest design and construction standards and, in this regard, also announced that the construction of PMIZ will be closely supervised by a respected international engineering firm to ensure that a repeat of the problems associated with Lae Port Phase 1 does not occur.
ABOUT THE PACIFIC MARINE INDUSTRIAL ZONE (PMIZ)
The Pacific Marine Industrial Zone was first initiated by the National Fisheries Authority and Fishing Industry Association in 2006.
The project was finally launched in November 2015 and announced as a joint venture between Kumul Consolidated Holdings and the Madang Provincial Government.
The PMIZ is located approximately 23km by road north of Madang. It is intended to cater for up to 10 tuna fishing and processing canneries, which will underpin the government’s policy direction of moving away from only licencing fishing to more onshore processing.
This strategic move could employ up to 30,000 people through either direct employment or associated enterprises. Adding to the viability of the project will be the PMIZ’s multi-function capability; being able to cater for large container and general cargo ships. The PMIZ will be a high class facility located in Papua New Guinea, providing exceptional tuna fish products to the rest of the world.
The size of the project is 100 hectares for the industrial zone and 115 hectares for residential and commercial purposes.
Kumul Consolidated Holdings, in collaboration with PNG Power Ltd (PPL), is seeking Expressions of Interest (EoI) from owners of suitable alienated land to enter into a lease agreement with a future independent power producer under which the land will be used for the installation and operation of a solar farm.
Acting Managing Director of Kumul Consolidated Holdings (KCH) David Kavanamur, presented Chief Executive Officer of Nasfund, Ian Tarutia and his Investment Team with the Information Memorandum for the partial privatisation of Telikom Limited.
Kumul Consolidated Holdings (KCH) Chairman Peter Aitsi and Chair of the KCH Audit & Risk Committee James Gore today announced that their Board had endorsed a Whistleblower Policy.