By Samantha Solomon
Kumul Petroleum Holdings Limited has paid a total of K150 million to the state today at the Kina Haus in Port Moresby.
The presentation was made by KPHL Managing Director, Wapu Sonk, to the Minister for State Enterprises William Duma.
In the first half of this year the Kumul Petroleum Holdings has paid a total of K150million to the state as dividends.
This payment was their second dividend payment which total up to K300millon paid so far by KPHL.
The managing Director for KPHL Wapu Sonk said this year has been a challenging year for Kumul Petroleum.
“We have had to meet our PNG LNG project JV cash calls associate with the finalisations and connection of the Angore field, raise the finance necessary to acquire an additional 2.6% in PNg LNG Project and assisting the Government and nation b importing fuel when the fuel crisis across earlier this year. However, we are happy to make this K150 million dividend payment, in line with our 2024, annual operating plan.’
Mr. Sonk said since the LNG production started in 2014 KPHL has paid a total to K3.2 billion dividends to the state.
“This is the final payment for 2024, a year in which we have paid a total of K300 million in dividend. Since the start of the PNG LNG Project exports in 2014, Kumul petroleum has paid a total of K3.2 million in dividend to the state.” Mr. Sonk said.
The state enterprise minister William Duma has commented the KPHL staff and management for another payment made to the government.
“Kumul Petroleum has fulfilled the expectations of the government through payment of dividends and support of critical service infrastructure, whilst at the same time playing its role in the country’s petroleum and energy industry.” Minister Duma said.
He said given the circumstances KPH has done well.
“Kumul Petroleum is much more than a vehicle that is passive in the hydrocarbon development and extraction, it has grown to be an active participant and development partner to international oil and gas and energy companies and a significant development partner to the PNG government in delivering much needed social services to our people,” said Minister.
Kumul petroleum has paid a total of K400million dividend last year to the government and this year it has paid a total of K300million.
