KUMUL Consolidated Holdings (KCH) Chairman, Moses Maladina noted that KCH is keen to support the development of gas, LNG, and LPG as crucial transitional energy sources for the country.
During his address at day two of the Kumul Petroleum Holding Limited’s Petroleum and Energy Conference, Maladina outlined the broad portfolio of state-owned enterprises (SOEs) managed by KCH, which contribute approximately 2% to the national GDP, with potential to grow to 7–10%.
“KCH oversees net assets valued at K5.6 billion, with annual revenues averaging K250 million and a net operating profit of K10 million. In recent years, KCH paid dividends of K80 million in 2022, K77 million in 2023, and anticipates contributing K70 million by the end of this year,” he said.
“SOEs such as Air Niugini, Telikom PNG, PNG Ports, and others are essential to the nation’s infrastructure, providing vital services while facing numerous challenges, including management and recapitalization issues. Maladina assured the public that KCH, in collaboration with the government, is addressing these issues to improve service delivery and operational efficiency.
He said KCH is also committed to investing in agriculture, recognizing the significance of the sector to over 80% of PNG’s population, many of whom are subsistence farmers.
“By engaging in agriculture, KCH aims to enhance the livelihoods of people, including landowners in oil and gas-rich areas, through strategic partnerships,” he said.
Additionally, Maladina highlighted the importance of partnerships with global institutions, such as the Australian government and the Asian Development Bank, to rehabilitate critical infrastructure, including ports and airports.
He also noted the need for expanding PNG’s power generation capacity, particularly along the Ramu grid, to meet the growing energy demands of the country.
“KCH aims to play a central role in the continued growth of PNG’s oil and gas industry, seeking to collaborate with private sector players and invest in ventures that benefit the nation’s economic development,” he said.
Maladina concluded by reiterating KCH’s commitment to supporting the country’s local content strategy and promoting sustainable growth for the future.
