The country’s national oil and gas company, Kumul Petroleum Holdings Limited (KPHL), have declared a K100 million interim dividend to the National Government.
The declaration and presentation of the interim dividend took place at the State function room with the board of KPHL and Prime Minister James Marape in attendance.
Prime Minister James Marape commended the board of the KPHL for the prudently managed company.
He also stated that like many State-Owned Enterprises (SOEs), KPHL was now subject to an annual work plan that receives directives from its Board and the State.
The breakdown under the dividend payment policy for all SOEs are:
- 60 per cent of all revenue to State
- 105 to community based projects
- 7 per cent to a Sovereign wealth Fund (SWF)
- 13 per cent to the SOE itself and
- 10 per cent for the administrative costs of the SOE
Prime Minister Marape also announced that the National Government, for the first time will set up a Sovereign Wealth Fund (SWF).
He said, “…In as far as our country is concerned, the law has created that facility, however, no government in the past has seriously thought of putting money into a sovereign wealth fund.”
Prime Minister Marape said the Government intends to utilize the facility going forward into the future.
“This will instill a savings culture in our Government for tomorrow.”
Present also at the declaration was KPHL Board Chairman Professor, Benedict Yaru and Managing Director, Wapu Sonk.
Prime Minister also requested that KPHL assist the State in the 2022 budget.