PNG PM Marape Concludes Fruitful US-Pacific Leaders Summit : Expresses Gratitude to Biden Administration

 The Papua New Guinea Independent Consumer and Competition Commission (“ICCC”) whas announced that it has granted conditional authorization to Geogas Pacific Pty Ltd (“Geogas Pacific” or “Applicant”) to acquire the majority of shares in Origin Energy PNG Limited (“OEPNG”). This decision comes after the ICCC successfully completed its assessment of Geogas Pacific’s Authorization application.

Geogas Group are current LPG supplier of Trugas (another domestic LPG distributor).

Geogas Pacific, a part of Geogas Group, is proposing to acquire 66.7% shares of Origin Energy Holdings Pty Ltd in OEPNG.

The ICCC, following its assessments of all comments from relevant stakeholders and reasons discussed in the Determination, considers that the Acquisition would result in increased benefits to the public with the Commitments in the executed Deed Poll as conditions of Authorisation.

The ICCC Commissioner and CEO, Mr. Paulus Ain stated that “One such benefit which is important for the consumers of LPG Gas and the energy sector is the requirement on Geogas to increase its import volume. The ICCC is confident that this would intensify competition at the domestic markets and consumers will benefit more in terms of lower prices and more volume.”  

The ICCC therefore granted a CONDITIONAL AUTHORIZATION to Geogas Pacific to proceed with the Proposed Acquisition.

The ICCC determined that the Condition of Authorization shall be valid for a period of five (5) years from the date of the authorization.

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PNG PM Marape Concludes Fruitful US-Pacific Leaders Summit : Expresses Gratitude to Biden Administration