9 Apr 2013

PNG's PM restructures petroleum and mining assets

10:32 am on 9 April 2013

Papua New Guinea is restructuring its petroleum and mining assets and other state-owned enterprises by September.

The Prime Minister Peter O'Neill says the restructure is necessary to remove inefficiencies and duplication in state-owned assets.

Under the changes, 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 those in the Ramu Nickel project will be transferred from the Mineral Resources Development Council to Kumul Mining Holding Limited.

Mr O'Neill says he is confident this structure will have political and commercial integrity.