PNG's state oil company suffers $US460m loss

6:14 pm on 4 January 2019
Patrick Pruaitch

Patrick Pruaitch Photo: Loop PNG

Papua New Guinea's state-owned oil and gas company, Kumul Petroleum Holdings, made a massive loss of $US460 million in the 2017 financial year, according to its annual report.

The document also shows that after receiving $US550 million of LNG revenue in 2016, Kumul still recorded a nearly $US148 million loss for that year too.

The figures have been highlighted by the opposition leader Patrick Pruaitch, who has described them as "scandalous".

He cited the government's $US920 million UBS loan as just one cause for the financial situation.

Mr Pruaitch said it showed the government's mismanagement of the economy through a series of bad and corrupt decisions.