The people own Petromin

mlipen Letters, Normal

WE refer to a letter “Who owns Petromin?” (The National, Oct 23)by Pangalip Wane Sungi of Port Moresby.
The writer does not understand the purpose of setting up Petromin and the corporate and legal structure of the company.
As such, his letter was misleading and confusing.
We wish to correct the confusion the letter may have created amongst our stakeholders and the public.
Firstly, Petromin is 100% owned by the people of PNG. 
It is an independent commercial arm of the State established under the Companies Act and operates like any other private sector company. 
Petromin has paid more than K150 million in taxes to the IRC since incorporation in 2007 and its books are audited annually by an independent world-renowned auditor.
In addition to the tax payments, Petromin has paid to date, K7 million to the State, through the Department of Treasury as dividends.
Petromin does not have any outstanding taxes, nor does it garner any special treatment from the State.
All acquisition of assets are done purely on a commercial basis with the interests of PNG at heart. 
Details of the company’s performance are presented annually at the annual general meeting to the trustee shareholder (Prime Minister), on behalf of the people of PNG, witnessed by various stakeholder representatives, Treasury Department officials, regulators, landowners, provincial government representatives and the public. 
For those who would like to know more about Petromin, including the writer, further information, including copies of audited consolidated financial reports are available on our website www. petrominpng.com.pg. 
Alternatively, the writer can contact our Public Affairs Department on telephone number 325 2722 or conduct independent searches of the public records of the company which is available at the Investment Promotion Authority.
Petromin exists for the benefit of the people of PNG and we encourage all our stakeholders and the people of PNG as our beneficial shareholders, to continue to learn more about us by contacting us directly or accessing the records already alluded to above.

 

Babani Maraga
A/Manager – Government & Public Affairs