Monday, November 24, 2008
Petromin PNG Holdings Ltd Website
For more information on Petromin PNG Holdings Limited, please visit our website www.petrominpng.com.pg
Wednesday, February 6, 2008
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.
Tuesday, February 5, 2008
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.
Monday, October 22, 2007
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.
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.
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.
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