Kumul Petroleum

“CPPE is the primary builder of pipelines in China and has several large-scale projects abroad,” said Yakap.

“One of those was a huge oil storage tank for Saudi Arabia, 110 metres in diameter and more than 20 metres high. My job was to draft the engineering details for construction of the floating roof component based on their design.

Opposition Leader, Patrick Pruaitch, in a statement claimed that Kumul Petroleum owes Internal Revenue Commission K451 million for corporate taxes they should have paid in 2014 and 2015.

Kumul Petroleum Limited MD, Wapu Sonk, when responding to claims by the Opposition told this newsroom that these are mere allegations politically motivated.

He said Kumul Petroleum always paid its taxes and couldn’t be in debt to such a big magnitude as claimed.

The option to acquire shares in Kumul Petroleum (Kroton) Limited is part of a range of benefits agreed to by the Government and set out in the Umbrella Benefits Sharing Agreement or UBSA for the benefits of the landowners and Provincial Governments along the footprint of the PNGLNG project.

Under the UBSA the State granted to these beneficiaries a commercial option to buy a 25.75% of the shares in Kroton No2 Limited, the special purpose company that held the States 16.75% interest in the PNG LNG Project.

Kua, in a statement claimed that the company’s revenues have been raided by the O’Neill government’s insatiable appetite to spend and spend.

He said the Government is not taking into account the consequences its reckless action will bring on to this new entrant in the oil and gas space.

“I dare the Prime Minister to prove me wrong when I suggest that Kumul Petroleum Limited could most likely fail an Insolvency Test if subjected to one and that day may come sooner than we think.