Hey kids, It's a good thing JAPEX signed with Petromin then. Needn't wait till school starts for dealio.
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PNG to restructure major assets
- April 08, 2013
PNG's Petromin Holdings and the Independent Business Corporation will be wound up, and assets and interests transferred to three new "Kumul" entities to be set up.
All of PNG's mining interests - including in Bougainville Copper, OK Tedi Mining Limited and in the Ramu Nickel project - will be transferred from the Mineral Resources Development Council to Kumul Mining Holding Limited.
All petroleum assets, including PNG's 16.575 per cent interest in the massive Exxon Mobil-led PNG LNG project, will be transferred to Kumul Petroleum Holding Limited.
PNG Prime Minister Peter O'Neill said the restructure is necessary to remove inefficiencies and duplication in state-owned assets.
"It will result in efficiency that will maximise benefits that will flow to the state," Mr O'Neill said.
"The state's position is not made any better with the duplication and overlapping of participation in the PNG LNG project, with Kroton holding 16.57 per cent in the project, while Petromin holds 0.2 per cent, both for the state."
Under the restructure a "Kumul Trust" will be created.
The prime minister will hold what's called a Kumul share, while former prime ministers will hold an ordinary share.
"By having former prime ministers as shareholders/trustees, we will be drawing from their wisdom and vast experience," Mr O'Neill said.
"I'm confident this structure will have political and commercial integrity."
Institute of National Affairs executive director Paul Barker said the scheme would need to be answerable to parliament for it to work.
"Throwing it all into another untried model is cause for concern," he told AAP.
"As long as it's not a separate empire, so long as it's integrated into the government system and it's managed properly and has systems of accountability ... then it may be a positive action."