I, HON. KERENGA KUA, MP, Minister for Petroleum and Energy, by virtue of the powers conferred to me under Section 136 (1) of the National Energy Authority Act 2021 (NEA Act) and Section 4 of the Essential Services Act 2002 (ES Act), and all other powers enabling me, made the Declaration of Emergency on Monday, 31 July 2023.

Leading on from the instruction to the Bank of PNG to make available foreign currencies and instructions to maintain status quo, Bank South Pacific has co-operated with Declaration of Emergency orders and extended the date for closure of Puma Energy Companies Bank Account(s) till 8 March 2024.
The Government fully understands the international banking and finance standards, and the strict compliance practices governing all banking and financial institutions and therefore appreciates the co-operation offered by Bank South Pacific in this Declaration of Emergency.

During this extension, the relevant State Departments and SOEs will complete their investigations into the 13 Allegations raised by the Bank of PNG and allow Puma Energy Companies to respond, before a final report with recommendations is submitted to the Government for a final decision.

On that note, I would like to again reassure all Government Bodies, SOEs, the business communities, foreign investors, civic societies and the general public that with Bank of PNG agreeing to make available foreign reserves and Bank South Pacific’s decision to maintain Puma Energy Companies Bank Account and refrain from hampering their operations, fuel supply will be stabilized in the country till a final solution is reached before 8 March 2024.

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