PNG govt readies for SOE re-structure

9:12 pm on 5 May 2015
Papua New Guinea Prime Minister Peter O'Neill.

Papua New Guinea Prime Minister Peter O'Neill. Photo: Supplied

The Papua New Guinea prime minister, Peter O'Neill, says state-owned enterprises will have more independence and power under the new Kumul Structure.

He says the agencies will be less prone to goverment interference under the structure to be tabled in parliament in its next session.

Under the Kumul Structure the government plans to create the Kumul Trust to be responsible for all state entities now under the Independent Public Business Corporation.

Kumul Petroleum will take over all petroleum assets and Kumul Mining will be responsible for all public mining assets.

The National newspaper reports Mr O'Neill saying the Kumul Structure will make sure boards of directors and management take ownership of the decisions they make.

He says it will deliver more services to the people and more financial rewards to the shareholders.