Kumul Petroleum Holdings Limited (KPHL)

KPHL remitted over K4bn to State: Chairman

This was disclosed at its recent Annual General Meeting in Port Moresby, attended by Prime Minister James Marape in his capacity as the Trustee Shareholder of Kumul Petroleum for, and on behalf, of the eight million people of Papua New Guinea.

Kumul Petroleum Chairman, Andrew Baing, revealed that the K4 billion remitted to the State is out of the total revenue of circa K5 billion earned by Kumul Petroleum from the period 2014 to 2018. This is almost 80 percent of the total revenue of Kumul Petroleum for the period 2014 to 2018.

K100,000 for Life PNG Care

The fundraising golf tournament was held on Friday 28 June, at the Royal Port Moresby Golf Club for LPC, a PNG non-government-organisation which cares for and educates children in Port Moresby.

A total of 33 four-man Ambrose teams, mostly from corporate bodies, participated at the KPCGC, raising funds from registration fees, auctions and donations.

KPHL Managing Director Wapu Sonk commended the teams for supporting KPHL and expressed his gratitude to individuals and corporate houses for participating in a golf event supporting a worthy cause.

Basil refutes Opposition’s claim

He said, however, that KPHL made a net profit of K170 million in 2017.

The rebuttal follow claims by Opposition Leader, Patrick Pruaitch, that KPHL made a loss of K1.5 billion, with the UBS K3 billion loan alleged as one of the causes for the loss.

In a statement, Basil said KPHL has not borrowed from any commercial bank since 2014 and there are no operating losses in 2016 as claimed by the Leader of Opposition.

NiuPower Plant 80pc complete

This was revealed following a site visit by NiuPower Joint Venture owners Kumul Petroleum Holdings Limited and Oil Search limited.

Deputy Prime Minister, Charles Abel, was also on the tour.

NiuPower Project Director, Michael Krause, said the project is 80% complete and will handed over early next year.

“The plant will be handed over to NiuPpwer’s ownership in the first quarter of next year and then be available to provide reliable low cost, clean energy, to the grid for the Port Moresby business sector and the public,” he said.

KPHL supports UNITECH Engineering

The accord establishes the standard and benchmark for professional engineering education across countries and provides assurance when an engineering degree is awarded by one of its member countries, the degree is recognized by all other members in the Washington Accord.

PNG is not a member of the Accord yet but is progressing towards becoming a member through financial assistance as such.

Kumul Petroleum signs HOA with Total

This is for the joint marketing and sale of their shares of LNG and condensates to be produced from the Papua LNG Project.

Under the HoA, KPHL and Total will negotiate a shareholders’ agreement for an Incorporated Joint Venture (IJV) to be set up as the corporate vehicle to commercialise their combined production share of LNG and condensates from Papua LNG and jointly staffed by Total and KPHL. 

The IJV will engage potential buyers of LNG in the Asia-Pacific region for the long term sale and purchase of their respective entitlements of LNG in Papua LNG.

​KPHL sells OSL shares, loses K760m

KPHL made the official announcement today after the decision was made yesterday.

Chairman Moi Avei said this was a commercial decision by the board that was in the best interest of KPHL.

Managing Director Wapu Sonk said the decision to sell the shares had been looked at over the last two years but had been waiting the right time.

He said with the current pricing, the board decided that it was time to sell.

The MD said the shares were sold at $6.70, a dollar thirty short of the purchase price of $8.

Downstream LNG process study underway

The standalone facility is part of an energy hub conceptualised to be located in the Kikori District of Gulf Province.

Called the ‘Kikori Energy Hub (KEH)’, it is intended to be an extension of the proposed ‘Western Pipeline Project’ concept pushed by Kumul Petroleum Holdings Limited (KPHL).

On Friday, KPHL Managing Director, Wapu Sonk, executed an agreement with KBR, a global oil and gas engineering and construction services provider, to provide conceptual development and feasibility analysis services for the KEH.

K50,000 for underprivileged children

A non-profit organisation, LPC received a total of K58,800 from KPHL Social Inclusion Chairman, Ian Marru, yesterday.

During the presentation, Marru said KPHL is glad to work in association with LPC director Collin Pake.

The company has been supporting the organisation since 2015 and appreciate the initiative Pake has taken to form such an organisation to cater for underprivileged children in Port Moresby.

KPHL expecting to tie in offshore projects

KPHL Managing Director, Wapu Sonk, told Loop PNG that while they were not really involved in potential offshore gas projects such as Pasca, they will look at tying them into the proposed Kopi industrial hub.

“Pasca is driven by Twinza and they were looking at a condensate stripping project offshore, which is different to what we are promoting.

“But, that project could link in as well where they can ship the condensate, sell the condensate to say Kopi, which is onshore, and we’ll have a floating LNG facility or power plant or a petrochemical plant.