By SAMANTHA ROGER – UPNG Journalism student
MANAGING Director Kumul Petroleum Holdings Limited (KPHL), Mr. Wapu Sonk presented a final dividend payment of K150 million to the Independent State of Papua New Guinea today.
Minister for State-Owned Enterprises, Hon. William Duma received the final dividend payment for the year on behalf of the State.
“This is the final payment for 2024, a year in which we have paid a total of K300 million in dividends,” Mr. Sonk said.
With the PNG LNG project JV cash calls such as assisting the government and nation by importing fuel when the fuel crisis arose earlier this year and finalising and connection of the Angore field, KPHL was able to pay the dividend.
Apart from direct dividends and return of the capital, KPHL has spent millions of kina on health, education, rural electrification and other infrastructure projects, including helping the government deliver sports outcomes.
Apart from KPHL’s ongoing commitments, Mr. Sonk said KPHL is also preparing to participate actively in the forthcoming Papua and P’nyang LNG projects, where they intend to take up their full mandated equity of 22.5%.
“Kumul Petroleum is actively managing its four retention licences, carrying out work that will make these more attractive to investors, so currently stranded gas fields can be aggregated and commercialised.
“This expenditure will pay dividends in future years,” Said Sonk.
Minister Duma thanked KPHL on behalf of Prime Minister James Marape and the Government.
“At this juncture while being here to receive another dividend from the KPHL we want to commend the chairman, the board and the management under the Managing Director Wapu Sonk and his team for delivering another dividend,” said Duma.
