THE Investment Promotion Authority (IPA) has signed a Memorandum of Understanding (MoU) with Santos Limited to jointly design, develop, and deliver targeted statutory compliance and capacity building training programs for landowner company contractors and Small and Medium Enterprises (SMEs) within Santos-operated project impacted areas.
The MoU was signed by the IPA Managing Director Mr. Clarence Hoot and Santos Senior Vice President PNG Stakeholder Management Mr. Wayne Kasou.
The collaboration supports the IPA’s ongoing institutional reforms, promotes good corporate governance, and strengthens the capacity of landowner companies to operate sustainably, transparently, and in compliance with national regulatory requirements.
Santos operates major petroleum and energy projects in Papua New Guinea that rely on the participation of landowner companies as business partners. Many such landowner companies face challenges relating to corporate governance, regulatory compliance, and director responsibilities.
The IPA, under its reform agenda, has embarked on modernizing company registry systems, strengthening governance standards, and promoting regulatory compliance among PNG businesses.
Through the partnership established, IPA will work with Santos to develop targeted compliance and capacity building training for landowner companies and small businesses in resource project areas.
The IPA will also work with Santos landcos to explore and develop business opportunities in their project areas.
The IPA has similar MOUs with Provincial Administrations and other government agencies such as the Internal Revenue Commission, PNG Immigration and Citizenship Services, National Cultural Commission, the National Gaming Control Board and the PNG Royal Constabulary Fraud Directorate to name a few.
The MOUs with various provinces in the country enables the provincial administrations in partnership with the IPA to deliver IPA services through the establishment of IPA Help Desks in the respective provinces with their Commerce Divisions.