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Leon Buskens leaves POSF after 8 years as Managing Director

March 30 2011 at 2:31 PM
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Halfback 

Kroton No. 2 Ltd, the company created by Government to collect and manage all the income from the massive LNG Project now has a new managing director, Leon Buskens.

This begs a question as to who will fill the role as Managing Director for POSF in the next few weeks?

 
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AuthorReply
Anonymous

Re: Leon Buskens leaves POSF after 8 years as Managing Director

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March 30 2011, 6:01 PM 

Someone enlighten me, what is the difference between Kroton No. 1 - 10 or whatever it is, IPBC, MRDC, MRA, Petromin and whatever other companies that we have no idea of?


 
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Pacific

Re: Leon Buskens leaves POSF after 8 years as Managing Director

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March 31 2011, 7:14 AM 

. There is no such entity as POSF. Isn't it nambawan Super who recently announced a major profit . And what is Kroton no 1?
The super funds in PNG have done very well compared to many years back when NPF/NASfUND had the massive writedown . Credit to the industry captains for their part in the huge turnaround . If they leave the industry is in much better shape

 
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Nipsco

April 1st not yet

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March 31 2011, 8:26 AM 

April 1st is tomorrow , he is our man to run for politics in new ireland .
The time for younger proven generation , maski giaman

 
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Meri Nokondi

Sorry nipsco

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May 13 2011, 12:07 AM 

Sorry tumas nipsco . Just heard that your man is moving on .
Will miss him as our custodian of funds , has done a good job now looking forward to the new team .
Its good to see leadership is changed

 
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Contributor

NEW Nambawan Super Boss

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May 17 2011, 4:03 PM 

Nambawan Super has a new MD in Paul Yangen who has a MBA in Business. He was for 7 years Westpac Bank Financial Controller. Just below 3 years of joining the Super Fund, he is received the blessinsg of the outgoing boss and the Board to be the Acting Managing Director!

Mr. Yangen is from SHP.

 
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Hanz Temai

New Nambawan Super Boss

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August 3 2011, 11:55 AM 

I support, Paul Yangen to be new Boss

 
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Michael Temai

Re: NEW Nambawan Super Boss

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August 22 2011, 3:46 PM 

Paul Yangen should remain boss

 
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facts only

MRA, MRDC, IPBC, Kroton 2 etc

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November 16 2011, 11:24 AM 

Anonymous, don’t laze around a computer screen posing questions that buoy sellers would rightly ask, if you can post here you certainly have the intellectual capabilities to satisfy your curiosity by simple research ... anyways, FYI:

1. MRA (Mineral Resources Authority) is the principle licensor/regulator for the mining industry in PNG much like the PNG Forestry Authority and the National Fisheries Authority. MRA is an upgrade from the former Mining Department that operated on government grants to a fully corporatised revenue generating and self sustaining entity. You will see the difference with the Petroleum Department which goes for days without power or telephone while waiting for Treasury to pay their bills - which begs that the Petroleum Department be made into a Petroleum Authority sooner.

2. MRDC (Mineral Resources Development Company) is a State owned trust company that holds and manages equity interests in trust on behalf of and for the benefit of landowners, LLGs and PGs affected by mining and petroleum projects. This vital role makes up for the lack of knowhow, skills and finance which inhibits the affected LOs, LLGs and PGs from managing their equity interests. IN any case, there is always the option for the LOs, LLGs and PGs to take charge of their affaires from MRDC once their trustee company has reached sufficient levels of financial, technical and managerial maturity. This has been shown by Mineral Resources Lihir.

3. Petromin is a State owned company tasked with the responsibility to hold and manage the State's equity in mining/petroleum projects, and most importantly, has the objective of maximising national ownership and human resources development in the PNG mining/petroleum sector. The company has a remarkably unique corporate structure that keeps political interference out and allows it to operate at arm’s length with the Govt, financiers and foreign investors. You should visit their website http://www.petrominpng.com.pg/

4. IPBC (Independent Public Business Corporation) is the mother company for all other SOEs (except Petromin). Its responsibility is to rehabilitate or monetise rundown SOEs and to collect and manage their revenue streams including payment of dividends to the national purse.

5. Kroton No.2 is a wholly owned subsidiary of IPBC and therefore a SOE. It was set up to hold the State's equity interest in the PNG LNG Project ... it is the third largest project partner with a 16.574481% interest. Although I have no opinion on the politics that resulted in its formation, I am able to say that the State needed to raise US $2.5+ billion (then about K7.5+ billion) for its participation (including participation of affected LOs, LLGs and PGs) without affecting the national budget (which was last K8+ billion), and for this, IPBC had the asset backing to raise the US $2.5+ billion, therefore beating Petromin as the state's choice nominee. Now, what’s remarkable about Leon and his team at Kroton No.2 is that they have a vision to transform Kroton No.2 into a fully fledged internationally competitive national petroleum company. The company is therefore currently known as National Petroleum Company PNG Ltd (NPCP)and has equipped itself with the abilities to operate as any competitive oil/gas company - it has a corporate structure aligned with major oil companies fully staffed by competitive local and international managers, lawyers, accountants and engineers; has purchased and owns the latest technologies for collating and interpreting geo-technical data; has adopted and implements industry related training programs for all its staff members; has just trained and released a second batch of community affairs officers that are on site as NPCP's and the State's interface; and has completed the necessary legislative and corporate constitutional documentation which when approved by parliament would make NPCP PNG's specialist company in gas technology and commercialisation; and most importantly, has a 25% shareholding option reserved for the LNG Project LOs and LLGs. Their website is still being constructed. You should pay their community affairs division a visit on the 11th Floor of Pacific Place Building, Port Moresby.

 
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Tindi Apa

NPCP (Kroton)

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November 16 2011, 3:05 PM 

NPCP WE THE LANDOWNERS A FULLY BEHIND YOU.

TA

 
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Cayman Islands No. 293

Re: MRA, MRDC, IPBC, Kroton 2 etc

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November 16 2011, 10:52 PM 

What a strange name, Kroton No 2. It sounds a giaman business front like where the mafia would park their stolen money.

 
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facts only

Kroton 2

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November 17 2011, 11:14 AM 

Cayman Islands No. 293, Kroton No.2 Ltd is a 'shelf company' name ... a shelf company is a ready-made incorporated company which is sold by law firms and accounting firms. Saves you the time and hassle of having to incorporate your own company. You onlt have to replace the directors and shareholders as well as the company name and it is all yours. and yes there is Kroton 3, 4, 5, etc which other people may have bought. There's nothig shady about the company name as you can obtain a company extract from PNG Investment Promotion Authority (IPA) and you will immediately know who its past and present owners and directors are ... company extracts are public information available at IPA for a fee of K10-K15.

 
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Cayman Islands secret govt accounts

Re: Kroton 2

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November 17 2011, 12:50 PM 

Hmmmmm. Why would our government want to save "time and hassle" of creating their own company???? For small business people and individuals, yes, I can understand. But for government? Do you think theres any other government in the world that would use shelf companies? I doubt it. And here we have the PNG government that is constantly runnning scams hiring outside lawyers at obscene prices to do legal work that government lawyers could do. One would think our scum bureaucrats would jump at the chance of hiring lawyers to create a special company with a relevant sounding name for use by the government.

In other words, theres something about all this that makes no sense. Would you agree?

 
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facts only

Kroton 2

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November 17 2011, 1:54 PM 

there's not too much cause for concern on the "time and hassle" thing: it takes 3 to 5 weeks of paper work and follow-ups to incorporate a company at a cost of K500 plus admin/sundry. But you can buy and instantly have a ready-made shelf company for a fixed price of K1000 to K2000. There's no other legal fee involved, its like buying an item from a shop shelf - that's why they are called "shelf companies".

 
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still the question remains.................

Re: Kroton 2

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November 17 2011, 2:19 PM 

So...... if its not that much money or time saved, WHY ON EARTH would our government buy shelf companies for such important government purposes?

 
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facts only

Kroton 2

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November 17 2011, 3:10 PM 

you must be so dumb you haven't made it past 3rd grade elementary: look business is usually conducted through a corporate entity preferably a company and you get to own a company either by incorporating a new one or by buying an existing shelf company ... leave your kiddie brain at home and bring some intellect to this blog.

 
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asking again.........

Re: Kroton 2

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November 17 2011, 3:27 PM 

Example: Did the PNG government set up a shelf company for Petromin, or did it create it's own company called Petromin? Answer: It created a special company called Petromin. I realise that Petromin has an office, staff, etc., unlike a shelf company, but even so, government people always want to create things with fancy sounding names. The question all along has been why would our government, full of money to waste and an ego to display, ever take the option of using a shelf company with some random name like Kroton 2, instead of paying for the paperwork needed to create a customized shelf company that had whatever name they thought best suited its purpose?

 
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facts only

Kroton 2

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November 18 2011, 8:56 AM 

Petromin was originally a shelf company called Telemu No.3 or 5, bought from Posman Kua Aisi Lawyers for about K1300. Its lawyers then created the relevant legal documentation as well as changed its name to whant Petromin into the "special customised" company it now is. Petromin then had an office, staff members, etc etc. Similarly Kroton 2 was originally purchased from Warner Shand Lawyers for K1-2000. Its name has been changed to reflect its objective and its lawyers have just completed the relevant lagal paper work which if approved by Parliament will make it a "special customised" company. That's just how it is done.

 
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GS

Re: MRA, MRDC, IPBC, Kroton 2 etc

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November 17 2011, 1:08 PM 

Why is it that we citizens know so little about these state owned enterprises?

 
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Anonymous

Re: MRA, MRDC, IPBC, Kroton 2 etc

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November 21 2011, 3:20 PM 

NPCP(Kroton) is gone for good but might come back 9th December.


 
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