PRESS RELEASE
Port Moresby, 15 February 2024: Puma Energy PNG is taking steps to reduce the size of its
operations and fuel supply proportionate to the capacity of its remaining banking channels.
As part of this process, Puma Energy has begun to issue termination notices to customers and
will aim to renegotiate contracts with new terms for lower volumes. In the meantime, remaining
fuel stock in PNG will be allocated to emergency services and critical infrastructure as a priority
until a long-term, viable solution can be put in place to return the business to its full scale.
Puma Energy’s decision to reduce its business in PNG comes after careful consideration and
extensive engagement with various government stakeholders, including the Bank of Papua New
Guinea (BPNG) to find a long-term and sustainable banking solution. We have exhausted all currently available avenues to maintain the full scale of our operations. We will also need to suspend our previously planned US$ 150M growth investment program.
Given the imminent fuel shortages that will inevitably result from the reduction of our operations, we once again urge the government to form a task force with the utmost urgency to ensure the country can continue to be supplied with fuel and to minimise the impact on communities and the economy.
Despite Puma Energy’s reduced business, we remain committed to PNG and will continue to work with various government entities to find both long-term and short-term solutions.
Since 2014 Puma Energy has been a committed partner in PNG, investing significantly in its
operations to improve energy security, affordability and access across the country. The company
employs over 500 direct skilled workers and created over 2,500 indirect jobs in PNG through its
supply chain.
The Puma Energy Group works with over 50 banks around the world to support its operations across more than 30 countries worldwide. These banks include some of the most stringent and globally recognised financial institutions.
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