PNG Post-Courier Puma Energy has shut down its operations nationwide in Papua New Guinea while Prime Minister James Marape leaves overseas again to Fiji as the nation is left scraping for what is left in the oil tanks of its ailing economy. The country will be on total shut down today.
At the 2024 Investment Conference in Sydney, Australia, Prime Minister James Marape unveiled a transformative decision set to impact Papua New Guinea’s energy and economic sectors. Speaking before an audience of investors and industry leaders, Marape announced plans to partially privatize PNG Power, the country’s national power authority.
The PNG government will take a 22.5 per cent stake in Papua LNG, higher than the 19.6 per cent held in PNG LNG, and Mr Kua said funding that “won’t be a problem”, helped by verbal agreements the government already has with China for about 3 million tonnes a year to be shipped there.
A fuel crisis is imminent with fuel and liquid gas supplier Puma Energy reducing its Papua New Guinea operation. Effective last Thursday, Puma Energy started to issue termination of contract notices to customers.
Furthermore, civil society organizations active in Papua New Guinea have highlighted the risks of "locking in" fossil fuel infrastructure, as well as the fact that fossil fuels aren't necessary to achieve PNG's climate and electricity goals.
The partial privatization of PNG Power aligns with broader efforts to modernize the country’s infrastructure and address long-standing inefficiencies in public service delivery. This landmark move is expected to enhance energy accessibility, reduce operational burdens, and stimulate economic growth in the resource and energy sectors.
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