KCH

The dividend payment is for the financial year ending 31 December 2020. Despite the impact of COVID-19 pandemic, MVIL was able to pay 67 percent of the budgeted dividend of K63.2 million.

When presenting the figures, MVIL’s Managing Director, Michael Makap, said the pandemic derailed the company from its strategic direction, resulting in a low turnover compared to 2019.

Minister for State Owned Enterprises, William Duma, presented the cheque to PNGOC yesterday.

SP Brewery, Trukai Industries and Brian Bell Group also gave PNGOC financial assistance this week.

KCH’s partnership with PNGOC is a three year commitment worth K3million, over a three year period from 2021 to 2023.

The funding will support the implementation of the Team PNG’s new performance strategy 2021-2024.

The Petroleum Development License (PDL) wellhead and facilities landowners include Greenfield PDL 1, 7, 8 and 9 and Brownfield PDL 2 and 4.

The leaders in a joint statement said they needed clarification from KCH on this issue.

“We cannot comprehend why KPHL would now demand the Beneficiary Group to pay a massive US$26I million for every one per cent indirect equity on the 4.27% in the same project,”  Landowner representative and Chairman of PDL 1 Dickson Ango said.