- Port Moresby
- Posted 17th Sep, 2020
CONGRATULATIONS PAPUA NEW GUINEA on your CELEBRATING 45 YEARS OF INDEPENDENCE
" The Board, Management and Staff of Kumul Petroleum Holding's Limited (Kumul Petroleum) congratulates Papua New Guinea on its 45 Years of Independence. As Papua New Guinea's national oil and gas company (NOC), Kumul Petroleum is mandated to protect and maximise the country's petroleum assets for the benefit of the country and its shareholders, the people of Papua New Guinea; for now and into the future.”
Protecting Papua New Guinea’s petroleum assets as an independent nation for the benefit of its people
Kumul Petroleum Holdings Limited (Kumul Petroleum) was created by an Act of Parliament through the Kumul Petroleum Holdings Limited Authorization Act 2015 which replaced the National Petroleum Company of Papua New Guinea (NPCP). Now, some 10 years later, Papua New Guinea’s national oil and gas company (NOC) continues to work towards its mandate, to protect and optimise the value of the country’s petroleum assets, for the maximum benefit of its shareholders; the 7 million plus people of Papua New Guinea.
As a state owned entity, Kumul Petroleum is meeting its commitments to the state by ensuring that as the state’s nominee in the PNG LNG project, Kumul Petroleum manages the PNG Government’s 16.57 percent equity and ensures a return of investment for the development of its resources; by way of dividend to the state for the benefit of the people through the national budget; and also by way of direct support through our projects.
Simply put, as the NOC of Papua New Guinea, Kumul Petroleum is not only committed to maximise investments in the oil and gas sector, but also endeavours to continue to support the transformation of your investment efforts in the oil, gas and energy business into socio-economic activities so that the people can benefit from its own resource extraction.
Our social investments are made not only during the good times, but also when times are not as good as we would like them to be, as such a time as this; with the country and the world living through a pandemic, it is important now more than ever, to strengthen the health sector. Our commitment in recent times to support the government deliver long term results for the health sector is such an example.
In keeping in line with our vision and one of our corporate values to maintain appropriate standards in safety, health and wellbeing; as a national company and as a corporate entity, we believe that it is also our duty to directly support our nation’s growth. So with the help of authorities in the health sector, we are pleased to share that since May of this year we have envisioned a new way forward with our support to the health sector, through the creation of partnerships for the long-term term benefit of the people of Papua New Guinea.
To this end, Kumul Petroleum has made a commitment to help the government to address support to health issues that not only affect us all now, such as our support to combat and contain COVID-19, but also for the long term, with support to specialist centres for Cancer and Heart Diseases in Lae and Port Moresby, and more recently, a further commitment to support the establishment of a Kidney Dialysis Unit in Mendi. We believe this may be the single largest investment made to date by any national company to the health sector.
As we celebrate 45 years of Independence, we share with you, the positive achievements made in recent months to grow Papua New Guinea’s investment in the health sector, for now, and into the future.
We wish you all a Happy Independence and God Bless Papua New Guinea!
Managing Director of Kumul PetroleumBack to News