The Government confirmed this afternoon that Petromin will be dismantled andthe state interests in Mining and Petromin projects will be transferred to a new entity.
A spokesman fromthe prime Minister’s office said Peter O’Neill will hold a News Conference tomorrow to announce details of a restructure.
He saidthe restructure is in line with current global practice, to ensure maximum benefits flow to shareholders and the people oPNG.
A spokesman saidthe restructure involvesthe dismantling of Petromin.
Since its inception, Petromin bought into Tolukuma mine which has become a financial burden for the company.
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