K250 million interim dividend from Kumul Petroleum

By: PNG Business News August 07, 2023

KPHL Managing Director, Wapu Sonk shakes hands with Treasurer Ian Ling-Stuckey, witnessed by SOE Minister William Duma and KPHL directors Peterson Pipi and Paul Nerau

At Parliament House recently, Kumul Petroleum Holdings presented the Government with a dividend cheque for K250 million

Handing over the interim dividend payment to Treasurer, Ian Ling-Stuckey, and SOE Minister William Duma, Wapu Sonk, Managing Director of Kumul Petroleum Holdings said, “KPHL is fulfilling the commitment it made in its 2023 Annual Operating Plan, that an interim dividend payment would be made mid-year.”

“Kumul Petroleum has continued to support Government through direct payment of dividends and tax and indirectly through implementation of NEC approved projects. In 2022 KPHL paid K951 million in corporate taxation and this year, KPHL is expected to pay similar amount.

Mr Sonk, accompanied by KPHL directors Paul Nerau and Peterson Pipi, outlined that Kumul Petroleum was still negotiating finance but close to closing a deal on acquiring additional equity in the PNG LNG Project from Santos, as requested by Government. Also, that KPHL was ready to participate and maximise its participartion in the forthcoming Papua LNG Project.

“Kumul Petrolem intends to continue with its petroleum and energy sector initiatives which will result in long-term benefits for the country. This includes commercialising stranded gas fields and investigating domestic utilisation of gas for electricity generation and value added petrochemical chemical production. We can only do this if KPHL has the financial capability and allowed flexibility to operate commercially.”

Mr Sonk added, ”Kumul Petroleum intends to maximise national involvement in current and future LNG projects in areas of national content, especially during the construction phase. To make this a reality, KPHL is investing in a highly advanced skills training facility together with a Fabrication Facility which will create 4000 jobs directly and indirectly on top of those that will be created by Papua LNG and other projects.

Mr Sonk concluded, ”Kumul Petroleum, as the national petroleum and energy company, stands ready to support the National Government and its development priorities as outlined in the recently launched Medium Term Development Strategy and Vision 2050 plans.”

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