Mining Sector

In a statement, the PNG Chamber of Resources and Energy (CORE) said the Bill aims to implement a shareholder agreement signed between the National Government and a small Singaporean company, Refinery Holdings Pte Limited.

Puma Energy ‘s PNG Chairman and Managing Director Hulala Tokome reiterated this during the 17th PNG Resources and Energy Investment Conference in Australia as a Gold Sponsor.

Despite facing short-term challenges, Tokome highlighted Puma Energy's dedication to PNG and called for collaborative efforts between the industry and governments to ensure a positive future for the country. He also outlined a $150 million investment program, which includes initiatives for rural retail development and the deployment of solar energy.

The country’s think-tank, National Research Institute in its economic modelling research project report revealed that so long as development is a priority of Government, “business as usual” investments in the enablers rather than “austerity” is the best policy approach, even in the face of global and domestic economic challenges.

The modelling results are obtained within the context of declining world prices for PNG’s export commodities due to changing demand and supply conditions abroad, and also domestic challenges like the El Niño.