Petromin PNG Holdings recently launched a nationwide competition
among school children to design the Petromin Logo.
The launching of the competition was at Kila Kila High School.
Mr Uke Kombra & staff of the Dept of Education, Mr Melvin Yalapan - Board Member & Company Secretary, Mr Kalinoe - MD/CEO of Petromin, Principals and Head Teachers of participating schools in the NCD, and media representatives were present.
Here is text from Petromin acting Petroleum Manager Bernard Pawih Speech at the Launching
...............................
Firstly, I would like to apologize for the deferral of this launching from last week. However, thank you for making time to attend today’s occasion.
Today is a very special day for all of us. It marks the launching of the Petromin Logo Competition. Petromin stands for petroleum (oil/gas) and minerals; it belongs to the 6 million people of PNG and is mandated to hold and manage the State’s interest in mining and petroleum resource projects.
Since the establishment of Petromin Holdings Ltd through the passing of the Petromin Authorization Act by Parliament early this year, very little is known about the company. We hear and read press statements about this company in the media in recent times; most of these media releases are negative comments or perceptions of the public.
Because of these negative perceptions, we in Petromin have decided to launch our PR or public awareness starting with the Logo Competition targeting the Schools and our youths who will be our future leaders. Hope the Schools & students taking part in the competition will learn/gain some understanding about Petromin through this Logo competition.
We have selected this venue, Kilakila Secondary School to launch this competition because it is the closest secondary school to the Petromin office, which is located on 2 mile hill at the PVA.
Finally, I would like to thank the Principal, staff and students of Kilakila Secondary School for agreeing to host this launching.
Monday, October 22, 2007
Somare-Temu Government Praised for Commitment to LNG
The Managing Director of Petromin Joshua Kalinoe has praised the Somare-Temu Government for its allocation of K500 million in the Supplementary Budget to the development of Liquefied Natural Gas (LNG) projects in the country.
Mr Kalinoe said the Somare-Temu government must be congratulated for passing a well thought out and strategic supplementary budget.
“The Government’s stable and outcome driven macroeconomic policies have contributed to the steady growth of the national economy, creating more jobs and opportunities for Papua New Guineans. As in other sectors, the allocation of K500 million for LNG projects by the Government shows the State’s commitment to developing an LNG business in PNG.”
Mr Kalinoe said the State’s commitment bolsters investor confidence in the energy and resources sector in PNG.
He said Petromin as the State’s vehicle for commercializing the State’s interest in LNG projects will be working on a equity financing strategy in consultation with the State to exercise the State’s back in rights in any LNG projects..
“The K500 million allocation to the project will go a long way in determining an economically sound debt/equity financing strategy to facilitate the State’s participation in the development of LNG projects in the country,” Mr Kalinoe said.
The previous Somare-Polye Government made a conscious decision to steer the country away from the ‘resource curse’ and established Petromin PNG Holdings as a commercial vehicle to maximize ownership and fiscal gains for all Papua New Guineans.
In continuing with this agenda, the Somare-Temu Government through the allocation in the supplementary budget has shown its commitment to a more proactive role in the resource sector, especially in LNG development.
The LNG world market has shown strong growth in recent years fueled by demand from emerging economies particularly in the Asian region.
At the same time, Papua New Guinea occupies a strategic position close to the world’s leading importers of LNG which are Japan, South Korea and China.
Mr Kalinoe said the Somare-Temu government must be congratulated for passing a well thought out and strategic supplementary budget.
“The Government’s stable and outcome driven macroeconomic policies have contributed to the steady growth of the national economy, creating more jobs and opportunities for Papua New Guineans. As in other sectors, the allocation of K500 million for LNG projects by the Government shows the State’s commitment to developing an LNG business in PNG.”
Mr Kalinoe said the State’s commitment bolsters investor confidence in the energy and resources sector in PNG.
He said Petromin as the State’s vehicle for commercializing the State’s interest in LNG projects will be working on a equity financing strategy in consultation with the State to exercise the State’s back in rights in any LNG projects..
“The K500 million allocation to the project will go a long way in determining an economically sound debt/equity financing strategy to facilitate the State’s participation in the development of LNG projects in the country,” Mr Kalinoe said.
The previous Somare-Polye Government made a conscious decision to steer the country away from the ‘resource curse’ and established Petromin PNG Holdings as a commercial vehicle to maximize ownership and fiscal gains for all Papua New Guineans.
In continuing with this agenda, the Somare-Temu Government through the allocation in the supplementary budget has shown its commitment to a more proactive role in the resource sector, especially in LNG development.
The LNG world market has shown strong growth in recent years fueled by demand from emerging economies particularly in the Asian region.
At the same time, Papua New Guinea occupies a strategic position close to the world’s leading importers of LNG which are Japan, South Korea and China.
BRIEFING TO THE CHAMBER OF MINES & PETROLEUM
Petromin PNG Holdings Ltd was set up by the current government to maximize the nation’s ownership of mining and petroleum resources as well as the gains from the commercialization of these resources.
In a presentation to the Chamber of Mines and Petroleum last week Wednesday at the Crown Plaza, Managing Director & CEO of Petromin Mr Joshua Kalinoe, CSM, CBE said the Somare government in an effort to maximize both ownership and economic gains for Papua New Guineans made a conscious policy decision to establish an oil, gas and minerals company that would drive this agenda.
He told the Chamber members present that this policy decision was based on an Independent Advisory Committee Review report titled, “Treatment of State Equity in Mining and Petroleum Projects,” by Mel Togolo, Dr Ila Temu, Dr Lawrence Kalinoe, Mr Michael McWalter and Mr Greg Anderson.
One recommendation of the report was that “…the State participation should be managed by a newly formed state-owned mining and petroleum holding company (newco) that will compliment the roles of the existing organizations: the Independent Public Business Corporation (IPBC) and the Mineral Resource Development Company (MRDC).’’
In keeping with the policy decision regarding economic maximization and greater Papua New Guinean ownership, the Government expanded the scope of Petromin to include participation in the development (exploration) and production (commercialization) of mineral and petroleum interests either wholly or in partnership with other resource development partners.
The other reason for establishing Petromin was to over come the principle of Negative Pledge when investing in billions of kina worth of resource projects.
Mr Kalinoe said that when the State participates in commercial investments worth billions of kina, the State would borrow from international financial markets.
Even though the borrowing is purely commercial in nature, because the State has outstanding sovereign loans with financial institutions such as the World Bank and the Asian Development Bank, any further borrowing by the State, regardless of their nature, must be first sanctioned by these institutions.
Under the Negative Pledge principle these institutes have the right of refusal for PNG to borrow, even if the borrowing is related to a commercially viable project. This became evident from the now shelved PNG Gas pipeline project.
Mr Kalinoe said Petromin is an operational company established under the Companies Act 1997, with specific powers to be the State Nominee in mineral, oil and gas projects.
“Petromin is set up and mandated to hold State interests in the mining, oil and gas projects, including downstream processing of natural resources and related investment activities as well as to acquire and hold future State interests in petroleum and minerals, both upstream exploration and production and in any value added downstream processing projects.”
“It provides the only hope for Papua New Guineans to add value to their oil, gas and mineral resources.
“I therefore urge the industry and other stakeholders to work together with Petromin for the mutual interests of all parties, including the Chamber members,” Mr Kalinoe said.
The briefing was organized by the Chamber of Mines and Petroleum.
In a presentation to the Chamber of Mines and Petroleum last week Wednesday at the Crown Plaza, Managing Director & CEO of Petromin Mr Joshua Kalinoe, CSM, CBE said the Somare government in an effort to maximize both ownership and economic gains for Papua New Guineans made a conscious policy decision to establish an oil, gas and minerals company that would drive this agenda.
He told the Chamber members present that this policy decision was based on an Independent Advisory Committee Review report titled, “Treatment of State Equity in Mining and Petroleum Projects,” by Mel Togolo, Dr Ila Temu, Dr Lawrence Kalinoe, Mr Michael McWalter and Mr Greg Anderson.
One recommendation of the report was that “…the State participation should be managed by a newly formed state-owned mining and petroleum holding company (newco) that will compliment the roles of the existing organizations: the Independent Public Business Corporation (IPBC) and the Mineral Resource Development Company (MRDC).’’
In keeping with the policy decision regarding economic maximization and greater Papua New Guinean ownership, the Government expanded the scope of Petromin to include participation in the development (exploration) and production (commercialization) of mineral and petroleum interests either wholly or in partnership with other resource development partners.
The other reason for establishing Petromin was to over come the principle of Negative Pledge when investing in billions of kina worth of resource projects.
Mr Kalinoe said that when the State participates in commercial investments worth billions of kina, the State would borrow from international financial markets.
Even though the borrowing is purely commercial in nature, because the State has outstanding sovereign loans with financial institutions such as the World Bank and the Asian Development Bank, any further borrowing by the State, regardless of their nature, must be first sanctioned by these institutions.
Under the Negative Pledge principle these institutes have the right of refusal for PNG to borrow, even if the borrowing is related to a commercially viable project. This became evident from the now shelved PNG Gas pipeline project.
Mr Kalinoe said Petromin is an operational company established under the Companies Act 1997, with specific powers to be the State Nominee in mineral, oil and gas projects.
“Petromin is set up and mandated to hold State interests in the mining, oil and gas projects, including downstream processing of natural resources and related investment activities as well as to acquire and hold future State interests in petroleum and minerals, both upstream exploration and production and in any value added downstream processing projects.”
“It provides the only hope for Papua New Guineans to add value to their oil, gas and mineral resources.
“I therefore urge the industry and other stakeholders to work together with Petromin for the mutual interests of all parties, including the Chamber members,” Mr Kalinoe said.
The briefing was organized by the Chamber of Mines and Petroleum.
BRIEFING TO THE CHAMBER OF MINES & PETROLEUM
Petromin PNG Holdings Ltd was set up by the current government to maximize the nation’s ownership of mining and petroleum resources as well as the gains from the commercialization of these resources.
In a presentation to the Chamber of Mines and Petroleum last week Wednesday at the Crown Plaza, Managing Director & CEO of Petromin Mr Joshua Kalinoe, CSM, CBE said the Somare government in an effort to maximize both ownership and economic gains for Papua New Guineans made a conscious policy decision to establish an oil, gas and minerals company that would drive this agenda.
He told the Chamber members present that this policy decision was based on an Independent Advisory Committee Review report titled, “Treatment of State Equity in Mining and Petroleum Projects,” by Mel Togolo, Dr Ila Temu, Dr Lawrence Kalinoe, Mr Michael McWalter and Mr Greg Anderson.
One recommendation of the report was that “…the State participation should be managed by a newly formed state-owned mining and petroleum holding company (newco) that will compliment the roles of the existing organizations: the Independent Public Business Corporation (IPBC) and the Mineral Resource Development Company (MRDC).’’
In keeping with the policy decision regarding economic maximization and greater Papua New Guinean ownership, the Government expanded the scope of Petromin to include participation in the development (exploration) and production (commercialization) of mineral and petroleum interests either wholly or in partnership with other resource development partners.
The other reason for establishing Petromin was to over come the principle of Negative Pledge when investing in billions of kina worth of resource projects.
Mr Kalinoe said that when the State participates in commercial investments worth billions of kina, the State would borrow from international financial markets.
Even though the borrowing is purely commercial in nature, because the State has outstanding sovereign loans with financial institutions such as the World Bank and the Asian Development Bank, any further borrowing by the State, regardless of their nature, must be first sanctioned by these institutions.
Under the Negative Pledge principle these institutes have the right of refusal for PNG to borrow, even if the borrowing is related to a commercially viable project. This became evident from the now shelved PNG Gas pipeline project.
Mr Kalinoe said Petromin is an operational company established under the Companies Act 1997, with specific powers to be the State Nominee in mineral, oil and gas projects.
“Petromin is set up and mandated to hold State interests in the mining, oil and gas projects, including downstream processing of natural resources and related investment activities as well as to acquire and hold future State interests in petroleum and minerals, both upstream exploration and production and in any value added downstream processing projects.”
“It provides the only hope for Papua New Guineans to add value to their oil, gas and mineral resources.
“I therefore urge the industry and other stakeholders to work together with Petromin for the mutual interests of all parties, including the Chamber members,” Mr Kalinoe said.
The briefing was organized by the Chamber of Mines and Petroleum.
In a presentation to the Chamber of Mines and Petroleum last week Wednesday at the Crown Plaza, Managing Director & CEO of Petromin Mr Joshua Kalinoe, CSM, CBE said the Somare government in an effort to maximize both ownership and economic gains for Papua New Guineans made a conscious policy decision to establish an oil, gas and minerals company that would drive this agenda.
He told the Chamber members present that this policy decision was based on an Independent Advisory Committee Review report titled, “Treatment of State Equity in Mining and Petroleum Projects,” by Mel Togolo, Dr Ila Temu, Dr Lawrence Kalinoe, Mr Michael McWalter and Mr Greg Anderson.
One recommendation of the report was that “…the State participation should be managed by a newly formed state-owned mining and petroleum holding company (newco) that will compliment the roles of the existing organizations: the Independent Public Business Corporation (IPBC) and the Mineral Resource Development Company (MRDC).’’
In keeping with the policy decision regarding economic maximization and greater Papua New Guinean ownership, the Government expanded the scope of Petromin to include participation in the development (exploration) and production (commercialization) of mineral and petroleum interests either wholly or in partnership with other resource development partners.
The other reason for establishing Petromin was to over come the principle of Negative Pledge when investing in billions of kina worth of resource projects.
Mr Kalinoe said that when the State participates in commercial investments worth billions of kina, the State would borrow from international financial markets.
Even though the borrowing is purely commercial in nature, because the State has outstanding sovereign loans with financial institutions such as the World Bank and the Asian Development Bank, any further borrowing by the State, regardless of their nature, must be first sanctioned by these institutions.
Under the Negative Pledge principle these institutes have the right of refusal for PNG to borrow, even if the borrowing is related to a commercially viable project. This became evident from the now shelved PNG Gas pipeline project.
Mr Kalinoe said Petromin is an operational company established under the Companies Act 1997, with specific powers to be the State Nominee in mineral, oil and gas projects.
“Petromin is set up and mandated to hold State interests in the mining, oil and gas projects, including downstream processing of natural resources and related investment activities as well as to acquire and hold future State interests in petroleum and minerals, both upstream exploration and production and in any value added downstream processing projects.”
“It provides the only hope for Papua New Guineans to add value to their oil, gas and mineral resources.
“I therefore urge the industry and other stakeholders to work together with Petromin for the mutual interests of all parties, including the Chamber members,” Mr Kalinoe said.
The briefing was organized by the Chamber of Mines and Petroleum.
LNG Japan Corporation and Petromin PNG Holdings Ltd to proceed immediately with Memorandum of Understanding signed.
In a joint statement President and CEO of LNG Japan, Mr Kenichi Yonezawa, and Managing Director and CEO of Petromin PNG, Mr Joshua Kalinoe said beginning next year LNG Japan will train two or more Petromin staff on a needs basis to build capacity in all areas of Petromin’s operations.
In addition, at least one LNG Japan staff will be attached to Petromin to build capacity in the area of LNG Development and Project Financing.
The arrangements will be in effect as soon as LNG Japan and Petromin reach an agreement by the end of September 2007.
Petromin CEO Mr Kalinoe is confident that the strategic partnership with LNG Japan will provide the opportunity for Papua New Guineans to access technology and skills to develop the LNG business in the long term.
In addition, at least one LNG Japan staff will be attached to Petromin to build capacity in the area of LNG Development and Project Financing.
The arrangements will be in effect as soon as LNG Japan and Petromin reach an agreement by the end of September 2007.
Petromin CEO Mr Kalinoe is confident that the strategic partnership with LNG Japan will provide the opportunity for Papua New Guineans to access technology and skills to develop the LNG business in the long term.
Petromin Signs MOU
JAPAN is looking at Papua New Guinea as the most promising new supplier to the Japanese LNG (liquefied natural gas) market.
LNG Japan Corp recently signed a memorandum of understanding (MOU) with Petromin PNG Holdings Ltd in Port Moresby to form the basis of a strategic partnership.
Through this partnership as presented by company general manager Yasushi Tashiro, LNG Japan aims to:
*Arrange the necessary funding for Petromin to participate in the LNG projects from its own sources;
*Provide technical advice and enhance the capacity of Petromin to participate in LNG projects;
*Study to identify the project structure to maximise the benefit for PNG;
*Support Petromin in commercialising its share of natural gas, including marketing, LNG transport and project finance;
*Support Petromin’s human resource development; and
*Support professional skills and experiences relating to the development of LNG to be transferred to PNG.
LNG Japan president Kenichi Yonezawa said the company was committed to bringing about the materialisation of the LNG project by utilising their knowledge and experience in the LNG industry for the benefits of PNG.
“We will propose a training programme for the Petromin employees to develop skills, providing opportunities to become acquainted with the companies in LNG industry,” Mr Yonezawa said.
Joshua Kalinoe, Petromin managing director, said the MOU was an outcome of a series of meeting between LNG Japan and Petromin.
He said the company had visited the country and met with a number of Government departments, including Petroleum and
Energy, and upon visiting Petromin, introduced their business and interest of pursuing commercial opportunities with Petromin.
“As a new company, we need strategic partners to, among other things, share information, technology and skills transfer on the back of a commercial relationship,” Mr Kalinoe said.
He said the MOU would give both LNG Japan and Petromin the basis to proceed on any future specific business partnerships, especially in LNG.
He added Japan had the market and well-established infrastructure for LNG with a reserve of investment funds that Petromin hopes to access through strategic partnership arrangements with corporate Japan.
LNG Japan Corp recently signed a memorandum of understanding (MOU) with Petromin PNG Holdings Ltd in Port Moresby to form the basis of a strategic partnership.
Through this partnership as presented by company general manager Yasushi Tashiro, LNG Japan aims to:
*Arrange the necessary funding for Petromin to participate in the LNG projects from its own sources;
*Provide technical advice and enhance the capacity of Petromin to participate in LNG projects;
*Study to identify the project structure to maximise the benefit for PNG;
*Support Petromin in commercialising its share of natural gas, including marketing, LNG transport and project finance;
*Support Petromin’s human resource development; and
*Support professional skills and experiences relating to the development of LNG to be transferred to PNG.
LNG Japan president Kenichi Yonezawa said the company was committed to bringing about the materialisation of the LNG project by utilising their knowledge and experience in the LNG industry for the benefits of PNG.
“We will propose a training programme for the Petromin employees to develop skills, providing opportunities to become acquainted with the companies in LNG industry,” Mr Yonezawa said.
Joshua Kalinoe, Petromin managing director, said the MOU was an outcome of a series of meeting between LNG Japan and Petromin.
He said the company had visited the country and met with a number of Government departments, including Petroleum and
Energy, and upon visiting Petromin, introduced their business and interest of pursuing commercial opportunities with Petromin.
“As a new company, we need strategic partners to, among other things, share information, technology and skills transfer on the back of a commercial relationship,” Mr Kalinoe said.
He said the MOU would give both LNG Japan and Petromin the basis to proceed on any future specific business partnerships, especially in LNG.
He added Japan had the market and well-established infrastructure for LNG with a reserve of investment funds that Petromin hopes to access through strategic partnership arrangements with corporate Japan.
Petromin Signs MOU
JAPAN is looking at Papua New Guinea as the most promising new supplier to the Japanese LNG (liquefied natural gas) market.
LNG Japan Corp recently signed a memorandum of understanding (MOU) with Petromin PNG Holdings Ltd in Port Moresby to form the basis of a strategic partnership.
Through this partnership as presented by company general manager Yasushi Tashiro, LNG Japan aims to:
*Arrange the necessary funding for Petromin to participate in the LNG projects from its own sources;
*Provide technical advice and enhance the capacity of Petromin to participate in LNG projects;
*Study to identify the project structure to maximise the benefit for PNG;
*Support Petromin in commercialising its share of natural gas, including marketing, LNG transport and project finance;
*Support Petromin’s human resource development; and
*Support professional skills and experiences relating to the development of LNG to be transferred to PNG.
LNG Japan president Kenichi Yonezawa said the company was committed to bringing about the materialisation of the LNG project by utilising their knowledge and experience in the LNG industry for the benefits of PNG.
“We will propose a training programme for the Petromin employees to develop skills, providing opportunities to become acquainted with the companies in LNG industry,” Mr Yonezawa said.
Joshua Kalinoe, Petromin managing director, said the MOU was an outcome of a series of meeting between LNG Japan and Petromin.
He said the company had visited the country and met with a number of Government departments, including Petroleum and
Energy, and upon visiting Petromin, introduced their business and interest of pursuing commercial opportunities with Petromin.
“As a new company, we need strategic partners to, among other things, share information, technology and skills transfer on the back of a commercial relationship,” Mr Kalinoe said.
He said the MOU would give both LNG Japan and Petromin the basis to proceed on any future specific business partnerships, especially in LNG.
He added Japan had the market and well-established infrastructure for LNG with a reserve of investment funds that Petromin hopes to access through strategic partnership arrangements with corporate Japan.
LNG Japan Corp recently signed a memorandum of understanding (MOU) with Petromin PNG Holdings Ltd in Port Moresby to form the basis of a strategic partnership.
Through this partnership as presented by company general manager Yasushi Tashiro, LNG Japan aims to:
*Arrange the necessary funding for Petromin to participate in the LNG projects from its own sources;
*Provide technical advice and enhance the capacity of Petromin to participate in LNG projects;
*Study to identify the project structure to maximise the benefit for PNG;
*Support Petromin in commercialising its share of natural gas, including marketing, LNG transport and project finance;
*Support Petromin’s human resource development; and
*Support professional skills and experiences relating to the development of LNG to be transferred to PNG.
LNG Japan president Kenichi Yonezawa said the company was committed to bringing about the materialisation of the LNG project by utilising their knowledge and experience in the LNG industry for the benefits of PNG.
“We will propose a training programme for the Petromin employees to develop skills, providing opportunities to become acquainted with the companies in LNG industry,” Mr Yonezawa said.
Joshua Kalinoe, Petromin managing director, said the MOU was an outcome of a series of meeting between LNG Japan and Petromin.
He said the company had visited the country and met with a number of Government departments, including Petroleum and
Energy, and upon visiting Petromin, introduced their business and interest of pursuing commercial opportunities with Petromin.
“As a new company, we need strategic partners to, among other things, share information, technology and skills transfer on the back of a commercial relationship,” Mr Kalinoe said.
He said the MOU would give both LNG Japan and Petromin the basis to proceed on any future specific business partnerships, especially in LNG.
He added Japan had the market and well-established infrastructure for LNG with a reserve of investment funds that Petromin hopes to access through strategic partnership arrangements with corporate Japan.
Petromin acquires Eda Oil for K40m
Eda Oil Ltd, formerly the subsidiary of the Mineral Resource Development Corporation has been transferred along with its assets to Petromin PNG Holdings.
This was Petromin’s first business transaction since its inception.
Eda Oil Ltd holds 20.5% of the State’s interest in the PDL 5 Moran petroleum project in Southern Highlands with a total asset value of more than K270 million.
Petromin chairman Brown Bai said the transfer was a milestone for the company and was the first of many commercial transactions for Petromin as it builds its asset base to deliver its mandate.
“We have truly begun this process with the acquisition of the State’s interest in the Moran project through the purchase of Eda Oil Ltd and I want to assure our stakeholders that we will add value to this asset,” Mr Bai said.
Mr Bai stressed that while Petromin, through its Act, was entitled to acquire State assets in current and future mining and petroleum projects, the company had no special protection from the State with respect to exercising the State’s option to participate in any projects.
In officiating at the transfer, Prime Minister Sir Michael Somare praised both MRDC and Petromin for successfully concluding the transfer, consistent with the intentions of government to have all State owned assets in mining and petroleum held by Petromin.
“ The successful acquisition of Eda Oil Limited by Petromin for a total consideration of K40m gives me the satisfaction that the State-owned companies can work together in achieving objectives of their shareholders, the people of PNG.”
Sir Michael reflected back on the sale of Orogen Mineral Ltd which, he noted, was “ruthlessly sold for a few pennies” in 2002 and as such Papua New Guineans have remained rent collectors.
“And that’s the ugly face of complete privatisation – ownership and revenue gains are not maximised and transparency and fairness on the value of our resources cannot be guaranteed.”
This was Petromin’s first business transaction since its inception.
Eda Oil Ltd holds 20.5% of the State’s interest in the PDL 5 Moran petroleum project in Southern Highlands with a total asset value of more than K270 million.
Petromin chairman Brown Bai said the transfer was a milestone for the company and was the first of many commercial transactions for Petromin as it builds its asset base to deliver its mandate.
“We have truly begun this process with the acquisition of the State’s interest in the Moran project through the purchase of Eda Oil Ltd and I want to assure our stakeholders that we will add value to this asset,” Mr Bai said.
Mr Bai stressed that while Petromin, through its Act, was entitled to acquire State assets in current and future mining and petroleum projects, the company had no special protection from the State with respect to exercising the State’s option to participate in any projects.
In officiating at the transfer, Prime Minister Sir Michael Somare praised both MRDC and Petromin for successfully concluding the transfer, consistent with the intentions of government to have all State owned assets in mining and petroleum held by Petromin.
“ The successful acquisition of Eda Oil Limited by Petromin for a total consideration of K40m gives me the satisfaction that the State-owned companies can work together in achieving objectives of their shareholders, the people of PNG.”
Sir Michael reflected back on the sale of Orogen Mineral Ltd which, he noted, was “ruthlessly sold for a few pennies” in 2002 and as such Papua New Guineans have remained rent collectors.
“And that’s the ugly face of complete privatisation – ownership and revenue gains are not maximised and transparency and fairness on the value of our resources cannot be guaranteed.”
Thursday, August 16, 2007
PNG Accident & Emergency Units Need Help
By Jaive Smare Pic: Thanks....Treasurer for the PNG Women Doctors Association Dr Helen Emang accepts cheque from Petromin's Senior Community Affairs Officer while Dr Evelyn Lavu, President of the Association looks on.
The Accident & Emergency Unit of hospitals across Papua New Guinea lack many basic equipment that could ease the suffering and prevent the possible deaths of patients who arrive there.
President of the Women Doctors Association of Papua New Guinea Dr Evelyn Lavu said the A&E unit are the primary care department for hospitals, however because A&E units of hospitals nationwide lack vital equipment such as defibrillators, automatic ventilation and CPR machines, oxygen, intravenous lines, fluids and emergency drugs, patients ultimately suffer.
In order to rectify this situation, the association has been campaigning since June this year to raise funds for the purchase of necessary A&E equipment for all hospitals in the country.
The association recently campaigned for three years to raise awareness and funds for radiotherapy re-establishment in PNG.
Radiotherapy has been absent from the country for over 10 years after the Radiotherapy machine at the Angau Memorial Hospital in Lae, Morobe Province broke down.
This has meant that many cancer victims have died without radiotherapy treatment that could have saved their lives.
In the end, the association’s campaign raised several millions of kina and secured government support from health department and a K3 million allocation in the national supplementary budget (2007) for the re-establishment of the Radiotherapy Unit at Angau Hospital.
“We were so happy to see the supplementary budget with the commitment by the Government towards the re-establishment of the Radiotherapy in Angau Memorial Hospital.” Dr Levu said.
Now the association is turning its focus on the A&E Units.
Dr Levu made her comments when she was presented with a K1,500.00 cheque from Petromin PNG Holdings Ltd.
The cheque was presented by Petromin’s Acting Senior Community Affairs Officer, Mr Aria Pula on Monday August 17.
Mr Pula said Petromin was in its start-up phase but in the future it will become more involved with associations such as the PNG Women’s Doctors Association.
Mr Pula encouraged everyone in the country to support the work of the PNG Womens Doctor Association.
If you would like to help the PNG Women Doctors Association contact Dr Levu through email: evelynlavu@daltron.com.pg
If you would like to help the PNG Women Doctors Association contact Dr Levu through email: evelynlavu@daltron.com.pg
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