Puma expects positive outlook

By GYNNIE KERO
Puma Energy expects the second half of the year to provide a more-positive position for the company, despite commercial impacts from foreign exchange management.
Downstream general manager Hulala Tokome said this when responding to The National on Puma Energy’s performance in the country in the past six months, and whether the company was already buying 50 per cent of its crude and condensate from Oil Search in kina.
“Papua New Guinea, just like a number of other countries throughout the world, have seen a number of challenges to economic conditions and the business environment,” he said.
“Puma Energy, like most businesses in PNG, is not immune to this.
“In addition, again as for many businesses in PNG, the impacts of the earthquake in the Highlands have compounded the economic situation.
“While we were pleased to be able to contribute to the earthquake relief effort, the disruption to Kutubu crude supplies forced us to have to slow the refinery (Napa Napa) to manage crude blend stocks.
“Through our strong level of investment in strategic storage for the country, we were able to ensure supplies were not disrupted to the market during the last two quarters.
“We are now working to build these strategic reserves back to normal levels.”
Tokome said Puma Energy continued to purchase crude for production, as opposed to import finished product
This is because the benefit to PNG’s foreign exchange flows is considerable. It always costs a lot more in US dollars to purchase finished products, which would then unnecessarily take currency flow away from other import needs for the country,” Tokome said.
“We look forward to making some additional announcements on how Puma Energy will further help this matter in the near future.
“Puma Energy invested in PNG for the long-term future of the business and PNG’s economy.”