Prime Minister in discussions with alternate fuel supply companies to open up energy market in PNG

Sunday 24 March 2024

 Singapore: Prime Minister Hon. James Marape has begun discussions with alternate global fuel traders to open up the market to properly secure the country’s energy supply needs.

Prime Minister Marape is being accompanied at these meetings by Petroleum Minister, Hon. Jimmy Maladina.

“We are in initial discussions with reputable global fuel traders who are in the business of refining fuel, bunkering, and retail distribution. Papua New Guinea can be a strategic hub to supply the Pacific.

“We want to open the market and remove monopoly. The government’s role is to ensure that the country gets the correct price, quality and reliability into the future to avoid the predicament we are experiencing with Puma Energy.

“We have Papua LNG Project, P’nyang LNG Project, and Pasca Gas coming up. Condensate from these projects will be refined in Papua New Guinea for local fuel consumption under domestic market obligation and exported.

“The National Executive Council has tasked Kumul Petroleum Holdings Limited (KPHL) to look into downstream processing of fuel for the long term. In the medium term, KPHL will be the State nominee to partner any global fuel trader who has interest in refining and bunkering of fuel in the PNG.

All proposals will be assessed on its merit by the Department of Petroleum as the regulator.”

Prime Minister Marape met with Ampol – the largest supplier of fuel in Australia – in Brisbane before traveling to Singapore to meet with Sinopec of Singapore and Petro China. Ampol already has presence in PNG supplying fuel to mining companies and Puma Energy.

Prime Minister Marape will also meet with Puma Energy on its long-term intention for business in Papua New Guinea.

The Prime Minister thanked ExxonMobil who is currently bringing in fuel supplies for storage and distribution by Puma Energy under emergency arrangements.

Leave a Comment