Despite the recent sharp decline in global oil and LNG prices, Kumul Petroleum Holdings Limited (KPHL) is backing the National Governments response efforts to the COVID-19 threat.
KPHL recently presented K5 million, on top of a K100 million dividend payment for 2020, to the to the National Government to assist with preparedness to combat and contain Coronavirus in the country.
The presentation was made on Friday, March 27th, 2020 by KPHL Managing Director Wapu Sonk.
In a statement, Sonk said “As the National Oil Company of Papua New Guinea we are very much concerned in the health and wellbeing of our citizens from this looming public health issue that we have stepped in to help the Government. These are hard times for everyone, and the company too is going through tough times itself due to the recent sharp decline in oil and LNG prices, which is the sole revenue source. Despite the challenges we face as a company, for us it has always been about giving back to the country, so helping the country in its time of need, far outweighs any need for self-preservation", said Sonk.
Sonk extended his gratitude to organisations & development partners that are supporting the government and government officials from the various agencies who are working tirelessly at the frontlines.
“Kumul Petroleum will work with the government and the National Department of Health to ensure that the funds donated will be used to help further support preparedness of its containment efforts, that include the supply of equipment and PPE needed to protect doctors, nurses, paramedics and other health professional who are at the frontline, and who continue to work together to support their country’s efforts to stop Covid-19 from spreading any further,” Mr Sonk said.
Kumul Petroleum has supported national response to emergencies with an injection of funds aside from the dividends the Government receives from its 16.57% equity in the PNG LNG Project.
In 2018, Kumul Petroleum donated K50 million to assist in earthquake disaster relief efforts, and in October 2019, donated K100,000 to assist with relief work for victims of the Mt Ulawun volcano disaster in West New Britain Province.
The National Government itself has allocated K45 million towards the COVID-19 response.
File picture: Wapu Sonk (Credit: Cedric Patjole)