K2bil spent on ports

The National Business

By PETER ESILA
PNG Ports Corporation has invested more than K2 billion
over the past five years in port infrastructural projects, according to managing director Stanley Alphonse.
He said during the leaders’ summit in Port Moresby last week that big investments were in Lae and the K300 million new international wharf at Motukea in Port Moresby.
Alphonse said those ports that directly supported smaller regional ports.
He said transformations in terminal management in Lae and Motukea were expected to underpin the long-term facilitation of trade for PNG.
“Ports provide the first critical link for all trade in goods within PNG and overseas markets,” Alphonse said.
PNG Ports’ revenue for 2017 was K270 million, in 2018 it was K278 million, and the projected revenue for this year is K288 million.
The operating expenses for 2017 was K136 million, K139 million for 2018 and K125 million is projected for this year.
The expenses include depreciation and interest charges of K77 million a year.
Alphonse said the key drivers were:

  • Terminal operator agreements at Motukea and Lae;
  • complete the transition from Port Moresby port facility to Motukea;
  • implementation of port efficiency programmes to reduce reliance on cross-subsidies;
  • implementation of procurement approval and control systems;
  • progress health, safety, environment and security programmes; and
  • Develop marine services to world-class.