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National Petroleum Company Pays Dividend to State

by Eric Haurupma – EM TV News, Port Moresby

The National Petroleum Company of PNG has paid another record of K86.4 million kina dividend to the state through the IPBC.

NPCP Managing Director, Wapu Sonk, said despite the falling oil prices, the National Petroleum Company managed to pay the dividend.

During the cheque presentation today, NPCP Managing Director Wapu Sonk announced the company was able to deliver positive results.

NPCP is only a joint venture partner in the PNG LNG project holding 16.4% of the state interest project.

He said this state owned National Oil and Gas Company delivered a record of K86.4 million on top of the K415 million paid last year.

This means NPCP only get dividend distribution from the project when Exonn Mobile does make dividend distribution.

State and Enterprise Minister, Ben Micah, said pertaining to the state’s revenue from the PNG LNG project other form of revenue related comes in the form of tax, royalties and development levies.

However, he said the falling oil a price in the world market is the only onus affecting the operations of small mining companies.

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