Fulfilling its commitment as a gold sponsor, Kumul Petroleum Holdings Ltd presented a cheque worth K100, 000 towards the International Special Economic Zone (SEZ) Summit.
KPHL Managing Director, Wapu Sonk, presented the cheque to the Minister for International Trade & Investment, Richard Maru.
The Ministry of International Trade and Investment is host for the summit, to be staged in the country on May 8th- 9th.
“Kumul Petroleum Holdings is committed to assist the government in its establishment of SEZ’s around the country and the use of domestic resources to provide power in these areas. KPHL is ready to provide power generation solutions for application in SEZ’s being planned in this country.
“Kumul Petroleum’s commitment was shown by the MoU recently signed between the company and the Ministry of International Trade & Investment – this outlined an agreement to cooperate to ensure the electricity generation can be provided in areas pf the country earmarked as SEZ’s.” He stated.
Sonk noted that the most appropriate power solutions will depend on the particular SEZ location. This could include the use of renewable energy sources such as hydro, wind, solar or geothermal directly or in co-generation.
KPHL’s focus is on promoting greater utilization of gas available under the Domestic Market Obligations agreed to by the operators of the country’s LNG developments,
“KPHL understands that until such time as PNG’s renewable resources can be fully harnessed for power generation, the country should utilize its domestic gas as an interim fuel to generate electricity, as a greener alternative to liquid fuels.
“Kumul Petroleum looks forward to working in partnership with others in the energy sector, particularly those that lead to a future situation where the majority of the country is powered by green and sustainable energy sources. An example is our MoU with the New Ireland Provincial Government to investigate the feasibility of installing a 5MW solar facility to provide electricity to Kavieng Township and surrounding communities,” said Sonk.
KPH said another example being investigated by Kumul Petroleum is the feasibility of using domestic gas in a floating Storage & Regasification Plant in Morobe that could be used to produce power for the Labu SEZ, along with co-generation from hydro.