KPHL Declares K100m Dividend to State

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:

Sonk: KPHL is not part of the UBS deal

Managing Director of KPHL, Wapu Sonk after his fourth appearance at the Royal Commission of Inquiry into to the UBS transaction puts on record that in 2008, Kroton Limited was created and was only a shelve company under IPBC and had no part in the IPIC loan deal.

“Prior to KPHL’s Authorisation Act 2015, IPBC (now Kumul Consolidated Holdings) was the parent company of Kroton Limited which later became National Petroleum Company of PNG (NPCP) at that material time when the UBS transaction was put together.

K6 Million Boost For Schools Rugby League

KPHL Managing Director of Kumul Petroleum, Wapu Sonk said that the NOC now becomes the Naming Rights sponsors of the National Schools Rugby League championships.

“Kumul Petroleum is proud to invest towards the development of juniors – both boys and girls – at the school level.

 “Every child has a dream and aspirations in their teen years and we want to support those young boys and girls who choose to play rugby league achieve that,” Sonk said.

PMGH receives Cardiac Equipment

This is the first set of equipment given to the hospital by KPHL as part of its commitment to support the improvement of the National Heart Center at PMGH.

This follows a Memorandum Of Agreement (MoA) signed by KPHL and the Health Ministry last year in 2020.

KPHL Managing Director, Wapu Sonk said it is committed to working with the Port Moresby General Hospital, as the main referral hospital for the country.

Landowner association calls for fair treatment from KPHL

The Aporo’Urri Resource Owners Association Inc representing the Moran Fasu landowners in the Moran Petroleum Development License 5 in Kutubu, Southern Highlands Province claimed that KPHL had not paid them equally.

They also claimed that KPHL transferred an additional equity of 5% from EDA Oil Ltd interests in PDL5, to Homa Paua People’s Association.

This 5% they say, was promised to them by then Prime Minister Grand Chief Sir Michael Somare in November of 2009.

Opposition calls for tax explanation

Mr Pruaitch said the public is entitled to facts and not rhetoric explaining why Kumul’s tax figure for 2014 alone was much higher than the total tax paid by Kumul Petroleum for the three years to 2016.

The Opposition leader said the Internal Revenue Commission records released in the Extractive Industries Transparency Initiative (EITI) annual reports show that the total tax paid to IRC by Kumul Petroleum in 2014, 2015 and 2016 was only K127.5 million, or K115 million less than what was due in 2014.

KPHL focuses on establishing Petroleum Resources Authority

Kumul Petroleum Holdings Limited (KPHL) Managing Director, Wapu Sonk, said this during the office opening on Thursday.

Impressed with the facilities which will house the GPCO, as well as the Minister for Petroleum and Energy and potentially the Secretary for the Department,  Sonk hopes plans for the PRA’s establishment begins.

Local firm must replace ExxonMobil: Potape

Speaking during the sponsorship announcement of the Hela Wigmen by Kumul Petroleum Holdings Limited (KPHL) and the Hela Provincial Government, Potape reiterated the sentiment he made eight years ago.

He said this when commending KPHL and Managing Director, Wapu Sonk, for its support to the rugby league club.

“I made this speech in Kokopo when we signed the UBSA that one day a Papua New Guinea firm must take the place of ExxonMobil.

Western pipeline to increase revenue

Horizon Oil Chief Executive Officer, Brent Emmett (Pictured), said during the Petroleum and Energy Summit in Port Moresby that the potential income can be generated through the proposed Western Pipeline.

Horizon Oil and Repsol both own a 66 per cent stake in the appraised Western Foreland fields commercialisation project in the province and have in place a road map for the delivery of a ‘Western LNG’ pipeline.

KPHL urges beneficiaries to sign Vendor Financing agreement

Sonk said this in response to statements by beneficiary groups from the Wellhead and Facilities areas of PDL 1 (Hides), PDL 2 (Kutubu), PDL 7 (Hides 4) and, PDL 8 (Angore) who have refused outright the vendor finance option.

They claimed that KPHL is riddled with a massive debt of over K9 billion and said there will be no value to the shares they acquire.

The group also said they are still awaiting a response from the Government on ‘14 Critical Demands’ which they presented to the Deputy Prime Minister, Leo Dion, on November 2016.