Duma backs split

 PETROLEUM Minister William Duma has thrown his support behind the government’s decision to restructure Petromin and streamline its core business along with other state-owned enterprises.

He said this following Prime Minister Peter O’Neill’s decision to restructure Petromin.

Duma said the restructuring by separating the two functions (petroleum and mining) would give more edge to the new entities – Kumul Petroleum Holdings Ltd and Kumul Mining Holdings Ltd.

He assured business partners, stakeholders and staff that until such time the NEC decision was implemented, it would be business as usual for Petromin.

“I commend Prime Minister O’Neill for his foresight and vision to consolidate all the state’s petroleum and mining investments,” Duma said.

“Petromin is a creation of the government to take up the state’s equity interest in both mining and petroleum ventures in the country. 

“And it is the government’s decision to restructure and realign where its sees fit for the best interest of the country.”