MEDIA RELEASE: ICCC CLEARS TOR INVESTMENT MANAGEMENT (HONG KONG) LTD FOR TWINZA OIL LTD RESTRUCTURE

ICCC CLEARS TOR INVESTMENT MANAGEMENT (HONG KONG) LTD FOR PROPOSED RESTRUCTURE OF TWINZA OIL LTD

The Independent Consumer and Competition Commission (ICCC) has given Clearance to Tor Investment Management (Hong Kong) Limited (Tor) in respect of the proposed ownership restructure of Twinza Oil Limited (Twinza) on 11th September 2025.

The restructure is being implemented in Australia through a court-supervised Scheme of Arrangement, under which Twinza’s lenders will convert their debt into equity. As the senior lender, Tor will acquire more than 75 percent of the equity shares in Twinza, giving it majority ownership and indirect control of  Twinza’s PNG  subsidiaries, including Twinza PNG  and Twinza Pandora.

ICCC Commissioner and Chief Executive Officer, Mr. Paulus Ain said, “Tor is an alternative asset manager based in Hong Kong and Singapore, investing in credit and fixed income assets across the Asia-Pacific region. Tor does not operate in PNG and has no petroleum equity interests here. By contrast, Twinza has been active in PNG’s upstream oil and gas sector, with Twinza PNG operating the Pasca A offshore gas field, while Twinza Pandora is inactive following the loss of its license.”  

Mr. Ain added that the ICCC’s assessment established that TOR and Twinza do not have any overlapping products nor any vertical supply relationships. The restructure effectively represents a change in ownership and control, with Twinza PNG maintaining its operations at the Pasca A project.

The ICCC, therefore, concluded that the Proposed Restructure would not have, or would not be likely to have, the effect of substantially lessening competition in any market in PNG. The ICCC, therefore, gave Clearance for the parties to proceed with the restructure. 

A copy of the ICCC’s Determination can be accessed on our website: www.iccc.gov.pg, or provided upon request. Copies are also available at the ICCC’s Head Office, Level 2, Boroko Post Office Building, Port Moresby.