PNG PORTS CORPORATION LIMITED::Papua New Guinea

PNG Ports Corporation Ltd (PNGPCL) as it is known today, is the successor company to PNG Harbours Limited and was launched on November 13, 2006 in accordance with the requirements of the PNG Harbours (Amendment) Act of 2002. The transition of this Company evolved from Papua and New Guinea Harbours Board (1963-1969), Papua New Guinea Harbours Board (1970-2002), PNG Harbours Board Limited (2002-2006).

PNGPCL is responsible for the control and management of all sea ports that come under its jurisdiction, owned by the State and controlled by the then PNG Harbours Limited

The overall management and operations of PNGPCL are dictated by the relevant port and shipping regulations as well as policy directives of the National Executive Council through the Ministry of State owned Enterprises. PNGPCL’s port network consists of 16 operational ports that handle in excess over 5.8 million tonnes of cargo each year and provide Port and Pilotage services to the shipping industry.

It is a fully corporatised entity owned by the state, through the Independent Public Business Corporation (IPBC) - the sole shareholder in the Company .

As such, PNGPCL is required to submit to the State annual financial statements approved by the Auditor General. Out of the revenue, the company must provide for all its operational and capital expenses. PNGPCL is subject to Government tax regulations. The Company is also required to provide for a proportion of capital works expenditure to be met from internel revenue supplement by loans from sources which are usually negotiated either by the Company itself or the Government.

The Board and the Chief Executive Officer of PNG Ports Corporation Limited are appointed by the National Executive Council (NEC).