By FRANCIS RODNEY PULU
KUMUL Petroleum Holdings Limited (KPHL) has paid over K3.2 billion to the State as dividend in the last nine years since 2014, according to KPHL managing director, Wapu Sonk.
Mr. Sonk highlighted this while paying KPHL’s final dividend of K150 million to the State last Thursday.
The dividend cheque was presented in the presence of State-Owned Enterprise Minister, Hon. William Duma and other dignitaries.
Sonk said apart from that payment a total of K1.1 billion has also been paid to the State since 2017.
He said that payment is of vendor financing of the Kroton option on behalf of the landowners and the Provincial Government.
Sonk added that the main reason of paying the dividends to date since 2014 was as a result of the good performance by the PNG LNG project.
“So, we have to give credit to Exxon Mobil for managing the project well,” he said.
Sonk said although there were challenges of self-induce, naturally induce like the disaster and various things, the project has been very good.
Minister Duma who was present to receive the dividend on behalf of the Government said the State is lucky to have three or four companies consistently delivering dividend for the people of Papua New Guinea.
“The companies which led by KPHL, KML, MVIL, PNG Ports Cooperation and to a little bit of extent PNG Dataco, are able to deliver returns for our people,” he said.
Duma thanked KPHL on behalf of the Prime Minister James Marape and the Government.
He also commended the KPHL management together with the KPHL board for being able to give the government another lot of dividends.
“At this juncture we want to commend the chairman, the board and the management under Managing Director Wapu Sonk and his team for delivering another dividend.
“As your trustee delegate Minister, I want to commend you all for another good effort and I want to assure you that in government we will work with you all.
“And if there are roadblocks, we will do our best to remove them and help you prosper as our own national oil and gas company,” Minister Duma said.
The K150 million dividend payment was half of the payment of other K150 paid earlier this year.
In total, KPHL paid a total of K300 million to the State as dividend of this year (2024).
