Puma Energy Steps Up to Aid Air Niugini with Increased Jet Fuel Access

Puma Energy has recently achieved a significant milestone by securing additional jet fuel to bolster the operations of Air Niugini, the national carrier of Papua New Guinea. This positive development stems from Air Niugini's recent agreement to purchase a cargo of jet fuel directly from Puma Energy's international supplier. Pending the fulfillment of this new contract by Air Niugini, replacement jet fuel is poised to become accessible in Port Moresby by the culmination of the current week.

Unfortunately, a complicating factor in this situation arises from a court order that mandates Puma Energy to maintain the maximum supply of jet fuel to Air Niugini. As a result of this directive, our existing stock of jet fuel has been depleted at a much faster rate than initially anticipated. Had we been afforded the opportunity to ration our remaining stocks until replacement supplies were secured, the depletion would have been less severe. Despite our concerted efforts to conserve our limited stock, Puma Energy is faced with the imminent depletion of jet fuel reserves in Port Moresby, with this shortage expected to materialize as early as today. This temporary shortfall will persist until the replacement cargo, facilitated by Air Niugini, arrives.

In light of these challenges, various strategies have been proposed to mitigate the impact on Air Niugini's flight schedule. Among these measures is the exploration of utilizing jet fuel available at airports located outside of Port Moresby. Despite the adversities encountered, Air Niugini remains steadfast in its commitment to ensuring a consistent supply of jet fuel to meet the exigencies of emergency services, including medical operators and law enforcement agencies in Port Moresby. It is our firm belief that Air Niugini will prioritize fuel supply for these critical services in the best interest of Papua New Guinea, notwithstanding the prevailing court order.

Recently, Puma Energy made the strategic decision to enact a reduction in its operational footprint and fuel supply, aligning them with the capacity of its remaining banking channels. This decision, which was reached following extensive consultations with various government stakeholders, including the Bank of Papua New Guinea (BPNG), was aimed at identifying a sustainable long-term banking solution. We continue to advocate for the establishment of a government-led task force to effectively minimize disruptions to fuel supply, which have had adverse repercussions on communities and the broader economy.

Despite the formidable challenges confronting us, Puma Energy remains resolutely committed to its enduring presence in Papua New Guinea. The management team is buoyed by optimism regarding the prospect of enhancing banking capacity and revitalizing the scale of our business to levels reminiscent of our historical performance. We are unwavering in our determination to navigate through these turbulent times and steadfastly fulfill our role in meeting the energy needs of Papua New Guinea.