FACTS ABOUT PETROMIN

In recent weeks, factually misleading statements and assertions have been made by a particular NGO Activist regarding Ownership, Responsibilities and Transparent operations of Petromin PNG Holdings Limited.

Petromin would like to take this opportunity to clarify any misconception and confusion that this publicity has created amongst our stakeholders and the general public.

Ownership and Legal Structure

Petromin is a company incorporated under the Papua New Guinea Companies Act 1997 (Companies Act) and is 100% owned by the People of Papua New Guinea, as the Beneficial Shareholders.

The People are represented by both the Prime Minister of the day as Trustee Shareholder and the Minister of Treasury of the day as Beneficiary Shareholder. The Trustee Shareholder and the Beneficiary Shareholder do not have any direct or indirect control over the management and affairs of the Company. As with any other Company, powers of the Trustee Shareholder are restricted to the Shareholder powers set out in the Companies Act and the Petromin Constitution.

Furthermore, the Trustee Shareholder is assisted in the exercise of his shareholder powers by three Independent Trust Managers compromising the State Solicitor of PNG, the President of the PNG Law Society and the President of the Certified Practising Accountants (PNG) under the Petromin Trust Deed. The individuals who form the Trust Managers are independently appointed by the respective professional bodies based on the positions they hold.

The Petromin Trust Deed guides the roles and responsibilities of the Trustee Shareholder and Trust Managers of Petromin. It ensures that shareholding in Petromin is always managed in the best interests of the People of PNG. The three independent Trust Managers make independent resolutions in vetting the Board’s investment and management decisions.

The role of the Prime Minister of the day as Trustee Shareholder is not a new corporate structure and has been used in other companies such as Mineral Resources Development Company Limited (MRDC).

The Petromin concept was based on the successful experience of other countries where state-owned companies were created for the benefit of their people such as Petronas in


Malaysia. Some of these companies contribute immensely to the national income of their respective countries.

Does Petromin Generate Revenue for the People of Papua New Guinea?

Since Petromin’s incorporation in March 2007, the company declared K7 million in Dividends for its first two years of operation. Under the Petromin Trust Deed, all Dividends must be paid to the Department of Treasury on behalf of the People of PNG. Petromin has complied by paying all Dividends into the National Government’s revenue account, managed by the Department of Treasury. The Department of Treasury, through normal budget processes, decides how Dividends from Petromin are to be used for the benefit of the People of Papua New Guinea through the Annual Budget process.

Does Petromin Pay Taxes?

There have been allegations that Petromin is not liable for “Taxes, Duties or others”. This is not correct. Petromin is required to pay taxes. As a responsible Corporate Citizen, Petromin and its employees pay their taxes at the normal rates on time. Petromin enjoys no special privileges from the State. Petromin has already paid over K67 million in 2007 and K71 million in 2008 to the State in taxes, bringing the total to K138m. And Petromin will continue to pay its taxes. This is all a matter of public record and details can be independently ascertained from the relevant authorities.

Is Petromin treated differently in the industry?

Petromin is not treated differently from the rest of the companies in the mining and petroleum industry. It was established to hold, manage and maximise benefits to the People flowing from the State’s interests in mining and petroleum projects. To establish Petromin the State’s mining and petroleum assets had to be separated from landowner interests and other non-mining and petroleum interests.

Any provision in the Petromin PNG Holdings Limited Authorization Act 2007 (the Petromin Act) for assets to be transferred to Petromin are consistent with the purpose and intent of creating Petromin; that is to separate landowner interests held by MRDC from those of the State. This was done at the creation of Petromin in 2007 where the State’s interest in Eda Oil Limited was acquired for a consideration by Petromin from MRDC. Other non-mining and petroleum interests held by the Independent Public Business Corporation (IPBC) were not affected. With respect to shares held by IPBC in Oil Search, the State has already decided to use these shares to acquire its equity in the PNG LNG Project. Therefore these were not acquired by Petromin.

Petromin does not garner any special treatment from State regulators or within the industry. Any commercial investment is made purely on the basis of Petromin’s balance sheet, after required due diligence has been carried out and on commercial terms. The Petromin Act and Petromin Trust Deed ensure that investment decisions are made strictly in compliance with governing laws and investment principles.

Purchase of Tolukuma Gold Mines

The purchase price for the Tolukuma Gold Mine is also a matter of public record, which can be confirmed through a company search of Tolukuma Gold Mines Limited at the Investment Promotion Authority. Since acquiring the Mine, Petromin has (together with the 600+ employees at Tolukuma and with the moral support of the Goilala people) stabilized cost and increased production.

In its short history as operator of the mine, Petromin has turned the Mine around through increased efficiency from a Company heavily in debt into a going concern within the past eighteen months. It was purchased at an opportune time and no public funds were used to purchase the Mine. Tolukuma is worth a lot more today then when it was purchased.

Further, the Mine was bought from a publicly listed Australian company and that company has also reported the acquisition price to the Australian Stock Exchange.

Does Petromin practice Transparency?

For us to participate and drive the Company in the interest of our shareholders, we strive to provide timely, meaningful, reliable disclosures about our financial operations, including performance to the People of Papua New Guinea and other stakeholders.

Although Petromin is outside of the Government’s normal systems of checks and balances (accounting and audit), we are subject to the Companies Act, which has higher accounting, audit, and reporting requirements as well as a stricker penalty regime. The company has therefore developed very high transparency and governance standards, statutory and otherwise.

Details of financial and business performance are presented to the public, through the Trustee Shareholder, each year during the Annual General Meeting. The AGM is witnessed by various stakeholder representatives, including the State, regulators, NGO’s, tertiary institutions and the General Public. Our financial records are audited by an international accounting firm each year and are registered as a matter of public record at the Investment Promotion Authority. Annual audit is a requirement of the Petromin Constitution and the Companies Act and to date, Petromin is fully compliant.

You can find scanned copies of our audited financial statements available on our website (www.petrominpng.com.pg ) together with information on our shareholding structure. Our shareholding structure can be independently confirmed by undertaking a company search of the public records at the IPA.

Also you can visit our website www.petrominpng.com.pg to learn more about the company. You can also download our Financial Report from the website.

Protecting our Commercial Interests

Petromin is a company and any misleading statements can undermine our business activities and bring injury to our standing or commercial interests. Furthermore, circulation of any misleading statements by any medium, whether by the author or otherwise, may give the Company an action in damages. We therefore urge all our stakeholders including the general public not to be easily misled but instead conduct independent searches on our website and at the Investment Promotion Authority, instead of purposely inflicting injury to our reputation and commercial interests.

WE THEREFORE ADVISE THAT THE PLANNED RALLY ON 5TH NOVEMBER, 2009 IS BASED ON DECEPTIVE AND MALICIOUS INFORMATION AND SHOULD NOT BE PERMITTED TO TAKE PLACE.





Joshua R. Kalinoe, CSM, CBE
Managing Director & CEO

Visit our Website for more Updates

Hi all,
If you are looking for more information on Petromin PNG Holdings Limited, please visit our website www.petrominpng.com.pg to learn more about the company.

Petromin PNG Holdings Ltd Website

For more information on Petromin PNG Holdings Limited, please visit our website www.petrominpng.com.pg

Petromin PNG Holdings Acquires Emperor Mines Stakr in Tolukuma Gold Mine

Petromin PNG Holdings Limited is pleased to announce that it has acquired Emperor Mines’ stake in Tolukuma Gold Mines.
Through the acquisition Petromin will also own 10 exploration tenements making it the largest on shore mining tenement holder in the country.
The Managing Director and CEO of Petromin, Mr. Joshua Kalinoe said Petromin is happy to accept the challenge of owning and operating the mine on behalf of the people of Papua New Guinea.
The small open pit and underground mine has been in operation since 1995 and since then has experienced several successful mine extensions.
Negotiations between Emperor Mines Limited and Petromin PNG Holdings Limited began in late December 2007 with final agreement reached on Tuesday 5th February, 2008.
Mr. Kalinoe thanked Emperor Mines for its commitment to developing the mine over the last few years while the mine was under its ownership. He said the mine brings with it a lot of challenges in geology, engineering, logistics and mine management.
“Obviously the acquisition gives Petromin the opportunity to learn the ropes of managing and operating a mine in a challenging environment.
“We believe there is plenty of life at Tolukuma. It needs further exploration and infield drilling to prove up the reserves.
“The biggest strength we have is that it is a performing mine and it has a potentially large existing resource, infrastructure and staff who are committed to taking on the challenges even under a new owner.
“Petromin will have to take advantage of this strength and make it an efficient and effective operation,” Mr. Kalinoe said.

Petromin Graduate Trainee Program Begins

Pix provided
Caption: Ready to Go….Petromin HR Manager Timboko Pyapeta flanked by two of the graduate trainees, Roy Sangi on his right and Isaac Kone on his left.

The strategic management and training of graduate trainees is important in addressing the chronic skill shortage affecting the industry in PNG and the Asia Pacific Region.
The new Human Resource Manager for Petromin PNG Holdings Limited, Mr Timboko Pyapeta said because of the skills shortage there is aggressive competition for skilled employees in the industry, the impact of which has been felt by many resource organizations.
“If we are not prepared, competition for available skills will be very aggressive. As a national company, we want to put Petromin in the hands of nationals and without a commitment in their career development at an early stage, this can only be a dream.”
Petromin has developed and put in place a Graduate Development Program designed to expose new graduates in fields related to mining and petroleum industry. These graduates will be given administrative and operational exposure complimented with formal training over a period of three to four years. Secondments and post graduate training both in country and overseas will be essential part of this training.
Six candidates have been identified with three commencing their training in January 2008, with the other three expected to join soon.
Mr Pyapeta is the former Employee Relations Coordinator for Porgera Joint Venture.
He has held various senior Human Resource management roles in both the private and the public sector, including PNG Harbours Board (now PNG Ports Corporation), Ok Tedi Limited and Porgera Joint Venture and was a graduate trainee with Bougainville Copper Limited.
A graduate of the University of PNG, Mr Pyapeta also has an MBA from the University of Central Queensland in Australia.
He said his new role with Petromin PNG Holdings presents with him the opportunity and the challenge to build a robust Human Resource system on par with global industry best practices standards.

Sam Inguba Joins Petromin PNG Holdings Limited

Petromin PNG Holdings Limited is pleased to announce that Former Police Chief Mr. Sam Inguba has joined the company as Manager for Government Relations and Community Affairs within the Corporate Affairs Division.
Mr. Inguba has over 33 years experience with the Royal PNG Constabulary and was appointed Police Commissioner in 2002 by the Somare Government. He served in the position for a full four year term ending in 2006. During this time, he implemented many of the reforms that have helped the Royal PNG Constabulary become a more modern police force.

In welcoming Mr. Inguba to Petromin, Managing Director and Chief Executive Officer Mr. Joshua Kalinoe said Mr. Inguba brings with him a wealth of experience in Government and community relations that will be of valuable assistance to Petromin.

“Mr. Inguba is a well respected and highly disciplined individual.
During his service with the Royal PNG Constabulary and his tenure as police chief, Mr. Inguba has developed excellent relations with many communities, private companies, governments and government departments.

Mr. Kalinoe said that Petromin has the mandate to hold and grow the state’s assets in the petroleum and mining sectors and in order to do so, employing individuals such as Mr. Inguba with the ability to positively manage community issues, was essential.

STUDENTS TO CREATE PETROMIN LOGO

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.

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.

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.

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.

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.

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.

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.

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.”

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