Petromin changes name

Business
Source:
The National,Monday July 4th, 2016

 By Shirley Mauludu
THE Petromin Holdings Limited has officially changed its name to Kumul Minerals Holdings Limited.
Managing director Thomas Abe said KMHL would now manage all the mineral investments for the State.
The change in name followed policy changes carried out by Government last year.
“This company is a successor to Petromin PNG Holdings Limited. It’s actually a revamp of Petromin Holdings and will focus solely on investments in Papua New Guinea’s mineral sector,” Abe said.
“It was back in May last year that the Kumul Minerals Act was passed by Parliament consolidating the State’s oil, gas and mining projects and the structuring ownership into two companies. Kumul Minerals will manage the mining assets and the oil and gas assets are already being managed by our sister company Kumul Petroleum Holdings.”
Kumul Minerals is one of the three Kumul entities created by the Government under its policy of consolidation of its mineral assets and petroleum assets, plus assets held by state owned entities. The other two Kumul entities are already in operation.  Petromin was incorporated in 2007. on behalf of the state.