Prime Minister Hon. James Marape has thanked Kumul Petroleum Holdings Ltd (KPHL) for the K400 million dividend payment made to the State in 2022.
PM Marape, who is also Company Trustee, said this today (December 15, 2022) after witnessing the presentation of the dividend payment by KPHL Chairman Dr Ben Yaru and Managing-Director Wapu Sonk to Minister Responsible for KPHL Hon. William Duma.
KPHL made a payment of K200 million earlier this year while the balance of K200 million was paid today.
The presentation was made during KPHL’s 2022 Annual General Meeting during which the 2020 Annual Report was presented.
“This is a timely Christmas present for the country,” PM Marape said after witnessing the presentation.
“It’s not all gloom-and-doom for our as naysayers would like us to believe.
“It is very pleasing to note that KPHL has experienced a very good year, with excellent financial results, resulting in the company being able to pay K400 million to the State.
“I note comments by MD Sonk that KPHL could have paid a higher dividend, however, needed to retain some of its earnings in order to acquire an additional 5 per cent equity in the PNG LNG project from Santos, as well as being able to take the maximum 22.5 per cent equity position in the Papua LNG project, which enters FEED in June 2022.”
PM Marape thanked the KPHL Board, Management and Staff for their outstanding performance in 2022.
“I thank Chairman Dr Yaru and his hardworking Board, and MD Sonk and his staff, for the excellent effort they have put into running our State-owned petroleum company and returning dividends year-after-year without fail,” he said.
