PUMA Energy

Airline Rescued Amid Fuel Crisis

The move comes as a relief to Air Niugini, which recently inked a deal directly with Puma Energy's international supplier to procure a cargo of jet fuel. However, the situation remains dire, with Puma Energy facing a short-term disruption in its supply chain.

The depletion of existing jet fuel stocks has been accelerated by a court order mandating Puma Energy to maintain maximum supply to Air Niugini. Consequently, the company anticipates running out of jet fuel in Port Moresby as early as today, until the replacement cargo arrives later this week.

Fuel card usage suspended

In a notice dated February 19th, chairman and managing director, Hulala Tokome, advised that there will no longer be nominated premises where fuel cards can be used.

“Accordingly, no further usage of your fuel cards will be permitted until otherwise advised in writing by Puma PNG,” he stated.

“We further request that you immediately return any fuel card in your possession to Puma PNG. These fuel cards may be returned to you in the future.

“Any further usage forthwith shall be considered unauthorised use.”

BSP Grants 90-day Extension To Puma

BSP in a media release stated that this comes at the request of the PNG Government. 

The extension has been granted on the basis that additional time is required for Puma to complete transferring its banking requirements to another bank in PNG.

The civil unrest that affected many parts of the nation between the 10th and 11th of January, 2024, were unfortunate and unforeseen. BSP has granted this extension considering disruptions in normal business operations for other banks, financial institutions, and the business community at large.

Puma Energy affirms commitment to PNG amidst fuel challenges

Chief Executive Officer of Puma Energy Hadi Hallouche, emphasized this commitment during his recent visit to PNG, where he engaged with government and business leaders in Lae and Port Moresby.

Addressing the recent fuel-related concerns impacting customers nationwide, Hallouche highlighted that these discussions were aimed at finding sustainable solutions beneficial for all stakeholders in the industry, the business sector, and the wider community.

Fuel Crisis Looming

In another statement yesterday, Puma said its inability to repay suppliers for international fuel purchases over the past six weeks has raised concerns about impending fuel shortages.

Puma Energy is urgently calling on both commercial banks and the Bank of Papua New Guinea (BPNG) to allocate the necessary foreign exchange. 
"Ensuring fuel supply is vital to PNG. We continue to urge the BPNG and banks to work together and allocate FX flows to fulfill Puma Energy’s orders.”

FOREX provided for fuel

BPNG has committed to urgently providing the remaining FX needed for September and October, enabling Puma Energy to procure fuel on the international market.

Puma Energy, facing looming fuel shortages, had contemplated fuel rationing to safeguard essential services and infrastructure. Grappled with substantial overdue payments, the company will actively manage declining fuel stocks while awaiting the BPNG's intervention later this week.

30-day emergency declared over fuel issue

The 30-Days Declaration of Emergency sets out a Plan of Action to investigate, amongst other issues, the Bank of PNG’s 13 Allegations against Puma Companies.

In a press statement, Minister for Petroleum and Energy, Kerenga Kua announced on behalf of the National Government that a Declaration of Emergency has been made as per the National Executive Council Decision No. 215/2023.

The declaration is pursuant to Section 136 (1) of the National Energy Authority Act 2021 (NEA Act) and Section 4 of the Essential Services Act 2002 (ES Act).

Fuel rationing to continue: Puma

Chairman and Managing Director of Puma Energy Papua New Guinea, Hulala Tokome in a statement said rationing will continue in order to extend security of supply for emergency services, hospitals and critical infrastructure.

Mr Tokome said without the necessary access to sufficient FX and financial services they are resorting to rationing and managing the remaining fuel stocks.

Unleaded Petrol back in supply

According a media statement, re-fuelling commenced at all PUMA Energy locations covering Port Moresby since midday yesterday.

PUMA Energy Country Manager, Hulala Tokome said: “While there were circumstances out of our control (weather related in Australia), it is vital that we manage any situation. Our team has done this, minimising disruptions to all our valued customers.”

Fuel supply restored

In a press conference held this afternoon, Deputy Prime Minister John Rosso, said there will no longer be any fuel issues experienced over the next few weeks and months.

This morning major centres across the country were hit hard with fuel shortage with a few fuel stations temporarily closing just after midday.

This prompted for an immediate intervention; the DPM met with Bank of Papua New Guinea (BPNG) and representatives including Puma chief executive officer today to find solutions to the ongoing fuel crisis.