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October 18, 2021
News

Petromin and IPB Restructure Insight

There’s been no immediate impact onthe operations of Petromin and IPBe followingthe government’s recent announcement of a restructure process concerning its state assets.

TheInstitute of National Affairs saysthe change might take a whole year before being implemented. Mining and Petroleum Minister William Duma also confirmed this in a media statement.

However, imminent changes will involvethe reviewal of management roles and board members.

INA’s Executive Director Paul Berker says restructure process will not necessary mean that employees of Petromin and IPBe will be jobless. Nearly all line staff will be shifted intothe new Kumul entities once created. However, management roles are subject to scrutiny and may affect boards of some state entities.

He saidthe particular creation ofthe IPBe was Sir Mekere Morauta’s initiative withthe process of ensuring state enterprises head boards and management roles recruited through a transparent process; however, that hasn’t beenthe case for some time now.

This has underminedthe role of IPBe and Berker saysthe restructure intends to address such serious flaws and enforce good governance and proper management to allow each return of state’s assets.

And questions regardingthe government’s budget allocation for 2013 are surfacing, however; Treasury Minister Don Polye’saysthe change might have minimal impact onthe budget allocation for 2013.

This is subject to whther or notthe government pumps futher capital intothe Kumul entities.

Meanwhile, Petromin’s outgoing Managing Director and CEO, Joshua Kalinoe is inthe interest of government’s decision to rationalise state mining and petroleum assets.

Festus Maiginap, National EMTV News

https://youtube.com/watch?v=L2T3vfsJqp0%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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