Kumul Petroleum Holdings Ltd (KPHL)

The Government says the forthcoming structure will ensure that 10 percent of the earnings from petroleum and mineral resources are dedicated to supporting the vital work of the churches, reaching out to communities and inspiring positive change.

Prime Minister James Marape said this initiative demonstrates the government's commitment to strengthening its partnership with the churches in Papua New Guinea.

This was in response to Santos's advice to the ASX that it agreed to continue to deal exclusively with KPHL during the requested extension.

KPHL Managing Director, Wapu Sonk, expressed gratitude to Santos for the extension and for allowing them the opportunity to secure the additional project equity.

He stated that Kumul Petroleum is confident that they will be successful in financing the transaction with support from financiers and by working closely with Santos Limited.

On Wednesday 15th March, Kumul Petroleum Holdings Ltd (KPHL) Executive General Manager - Corporate Affairs, Luke Liria, presented a cheque of K25,000 to Jimmy Drekore of the Simbu Children's Foundation in a small ceremony.

"Kumul Petroleum has always had a focus on assisting the health sector in PNG, which includes hospitals, larger Health Department institutions, and worthy smaller NGOs such as the Simbu Children's Foundation," said Mr Liria.

Kumul Petroleum Holding’s managing director, Wapu Sonk, was appreciative of the overwhelming response from business houses in Lae, the Highlands and Port Moresby.

Prime Minister James Marape and Minister for Fisheries and Marine Resources, Jelta Wong, also took part in the event, which raised K350,000 to purchase much-needed cancer drugs for the ANGAU Memorial Provincial Hospital.

“It’s the first time for Kumul Petroleum to host such an event but the response has been really good,” said Sonk.

Kumul Petroleum Managing Director Wapu Sonk said at the presentation on May 11, “As a company, we want to contribute to keeping our population healthy and well, ‘health is your wealth’, that’s what they say. So creating wealth doesn’t necessarily relate to monetary terms, it is about improving the Human Development Index. This is the work that we are doing in education and electricity distribution as well as health, where we believe that when people are healthy, they can contribute to the economy, and in the broader growth of the country.”

The Public Accounts Committee (PAC) public inquiry hearing into the KPHL was to commence on Tuesday however, it was adjourned to November 5^th.

The management of the Kumul Petroleum Holdings Ltd was summoned under Sec (23)(2) of the Permanent Parliamentary Committee Act 1994 to appear before the PAC committee on Tuesday.

However, on Monday afternoon the PAC received a letter from KPHL (through a law firm) requesting for a fourteen-day extension. Amongst reason for extension was that key persons named in the summons are outside Papua New Guinea.

The platinum sponsorship will support PNGFA’s premier competition, the National Soccer League, for two years.

Of the K3 million, K1 million will be for the 2019 season while K2 million will cover the next year.

This platinum sponsorship will give Kumul Petroleum Holdings Ltd the naming rights to the National Soccer League, which will now be called Kumul Petroleum National Soccer League.