Wapu Sonk

KPHL closes PNG LNG Project equity deal

Managing Director Wapu Sonk thanked developer, Santos for their patience and understanding, enabling this transaction to be finalised and its shareholding in this robust LNG project to be increased.

Inquiry Needs Documents

Sonk, who appeared for his second oral examination at the inquiry on Monday, was unable to provide the documents, which involved KPHL’s involvement in the controversial deal.

The proceeding started with a disappointed bench over the lack of punctuality by the Managing Director of the Kumul Petroleum Holdings Limited, Wapu Sonk.

PNG eyes broader use of gas

This was in a wide-ranging interview he gave recently to Oxford Business Group’s online broadcasting channel, Global Platform.

The full interview is available to watch at https://oxfordbusinessgroup.com/video/wapu-sonk-managing-director-kumul-petroleum-holdings

NiuPower Plant 80pc complete

This was revealed following a site visit by NiuPower Joint Venture owners Kumul Petroleum Holdings Limited and Oil Search limited.

Deputy Prime Minister, Charles Abel, was also on the tour.

NiuPower Project Director, Michael Krause, said the project is 80% complete and will handed over early next year.

“The plant will be handed over to NiuPpwer’s ownership in the first quarter of next year and then be available to provide reliable low cost, clean energy, to the grid for the Port Moresby business sector and the public,” he said.

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.

Kumul Petroleum brushed aside debt claims

Opposition Leader, Patrick Pruaitch, in a statement claimed that Kumul Petroleum owes Internal Revenue Commission K451 million for corporate taxes they should have paid in 2014 and 2015.

Kumul Petroleum Limited MD, Wapu Sonk, when responding to claims by the Opposition told this newsroom that these are mere allegations politically motivated.

He said Kumul Petroleum always paid its taxes and couldn’t be in debt to such a big magnitude as claimed.

Positive results for LNG market: KPHL

Kumul Petroleum Holdings Limited managing director Wapu Sonk made these remarks during the 2nd Petroleum and Energy Summit in Port Moresby on Monday.

However, Sonk said PNG is uniquely positioned and is central to the biggest demand growth in South East Asia.

When the price of LNG drops, it will increase the demand and PNG will be in a better position to market its LNG, stated the MD.

Asian energy firms eyeing PNG: Sonk

Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, says there is ongoing discussions between these countries on ways to enter the energy market in PNG.

He said PNG is one of the few remaining countries in the world which has an energy resource base that is yet to be fully explored.

Speaking at the Oxford Business Roundtable early last week, Sonk said with the APEC year upon us, significant interest has been shown by these countries.

K20,000 for HB appeal

KPHL Managing Director Wapu Sonk, when presenting the cheque recently, extended his sympathy at their loss of livelihood.

“As a corporate citizen, we have a social responsibility to the community we operate in, here in Port Moresby as well as in oil and gas field areas, and we feel obligated to help at this time of need for a lot of our people at Hanuabada village.”

Resource companies called to develop human resource

Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, said the investing in PNG’s human development will create a sustainable industry for PNG in future.

Sonk made the comments when welcoming two of KPHL employees who recently acquired Masters Degree’s after a seven-month program in Spain.

“I’d like to call on them to take national content and human resource development in the industry seriously and develop our people,” said Sonk.