FX issues seen as administrative

THE issues affecting Puma Energy’s access to foreign exchange (FX) are purely administrative, says Puma Energy PNG Group of Companies chairman and managing director Hulala Tokome.
“The only remaining issues relate to interpretations of administrative requirements and customs documentation, which are tied to international oil trading norms and best practices,” he said.
“We believe we are compliant with these issues which can be easily resolved.”
“However, importantly, these issues are not only limiting our access to the FX, but are also restricting our access to our core financial services.
“If our financial services are restricted, we simply can’t operate and this is a major and immediate problem.”
Tokome suggested a workshop with Bank of PNG (BPNG) and industry experts to help demonstrate the application of different international trade practices.
“We are grateful to the Government for their leadership in trying to resolve issues.