PNG's Napa Napa Oil Refinery agreement intact: Puma

 THE Papua New Guinea Napa Napa Oil Refinery project agreement between the Government and Puma Energy PNG Ltd still exists, says country general manager and director Hulala Tokome.

“For the record, Puma affirms that it has not abandoned the project agreement, and does not regard the State as having done so either,” he said.

“Puma continues to honour its obligations under the project agreement.”

Last week, Petroleum and Energy Minister Kerenga Kua said the agreement which gave InterOil (now Puma) a financial incentive to establish the country’s first commercial oil refinery, had been abandoned.

He said the State and InterOil had walked away from the agreement.

Kua said the agreement, inherited by Puma, was signed in 1997 for 30 years.

It is due to expire in 2027.

Tokome said Puma had meetings with the Bank of PNG to resolve its foreign exchange (forex) problems which was affecting its business.

“We have further meetings scheduled for this week to resolve and agree to sustainable solutions going forward,” he said.

“We will continue to work with all relevant stakeholders to find a solution and are engaging with the relevant regulatory authorities in line with our obligations as a reasonable and prudent operator.

“Our priority remains maintaining the security of supply of all oil products and minimising any impact these issues have on the community and our customers.”

The National / Pacific Mining Watch

Also read

Previous Post Next Post