Puma Energy Group of Companies

Kutubu crude oil not supplied regularly: Puma

PM Marape, in a statement issued last night, said he has directed Minister for Petroleum Kerenga Kua to liaise with Santos and ExxonMobil on how to increase this supply - either to NapaNapa or have a new refinery set up.

“Downstream processing of our natural resources, including oil and gas, is a major policy of this Government and our coalition partners,” the PM said.

“Therefore, we cannot be energy-insecure, as we are producing oil that goes to refineries in Singapore and is then sent back to us.

“We can reverse this arrangement if the cost structure is right.”

Inadequate supply of FX affects fuel supply

Prime Minister James Marape said this resulted in Puma stopping its supply of aviation gasoline to Air Niugini, because it could not get the required FX to bring in fuel, resulting in all flights being cancelled last Thursday.

Marape said this on Sunday (January 8, 2022) after meeting with top executives of Puma Energy in Singapore.

He was accompanied by Petroleum and Energy Minister, Kerenga Kua and State-Solicitor Daniel Ropalgarea.

PM off to meet Puma Energy Executives

The PM is accompanied by Minister for Petroleum and Energy Kerenga Kua and the State Solicitor to discuss this issue which resulted in all Air Niugini flights being cancelled on Thursday last week.

Puma Energy is a Swiss multinational mid- and downstream oil company, majority-owned by Singapore-based Swiss company Trafigura. Its operations span around 40 countries, across five continents and encompass the supply, storage, refining, distribution, and retail of a range of petroleum products.

FX no issue with BPNG: PM

Prime Minister James Marape in a statement clarified the issue in regards to the fuel supply by Puma Energy.

“However, in this case, BPNG may have stressed Puma to the point that they are unable to supply fuel products due to unavailability of matching US dollars for fuel imports.

“I have, immediately after today’s NSAC meeting, written to Central Bank asking them to find solutions to the issues with Puma without compromising the role they play in ensuring that legitimate transactions take place.

PM urges Puma, BPNG to solve issue

Prime Minister Marape in a statement said the case of Puma being unable to maintain the supply of fuel products to its customers was because of ongoing issues with Bank of PNG (Central Bank), for which the country was being held to ransom.

PM Marape has asked BPNG, immediately after an urgent National Security Advisory Committee today (January 5, 2023), to find a short-term solution by lifting restrictions on Puma so that their supply of fuel products continue without compromising Central Bank’s fiduciary requirements.

BPNG told to deal with Puma reasonably

“Without compromising Central Bank’s role in ensuring that transactions are legitimate and proper, I appeal to it to exercise wisdom and not just be a policeman, but use monetary policy and the Bank as an incubator of economic activity in PNG.

“The Government is also looking at the arrangement with Puma, whereby they have a monopoly in PNG, and does not want the country to be placed in a dangerous security situation.

“I ask the Central Bank to clear the order for the supply of fuel products by Puma to continue, in the meantime, as we find permanent solutions.”