- Port Moresby
- Posted 3rd Jul, 2019
Kumul Petroleum to Table Reports to Parliament
Kumul Petroleum Holdings Ltd (Kumul Petroleum) says the National Oil Company (NOC) will present a full and comprehensive report of the company’s performance and position to Parliament this week.
Kumul Petroleum Chairman, Mr Andrew Baing, in response to Prime Minister James Marape’s statement to MPs in Parliament of delivering a full report of Kumul Petroleum during Parliament sitting this week said; “the NOC operates under an open book policy with a strong corporate governance system. We are more than happy to provide a full and comprehensive report of the company to Parliament”.
Mr Baing also stated that Kumul Petroleum is always mindful of its mandate, who its shareholders are (8 million Papua New Guineans through the Prime Minster as the Trustee) and whom the NOC is responsible.
“Our books are open; every investment decision and business plan is submitted to National Executive Council and Government for approval and for accountability and transparency purposes. We do not make decisions in isolation.” Mr Baing added.
He also highlighted that since 2014, Kumul Petroleum has delivered to the State over K 4 Billion in dividends, returns of capital, taxes and other strategic, social and community investments in the country. This represent 78% of Kumul Petroleum’s available cashflow.
Mr Baing said Kumul Petroleum has paid dividends and other contributions consistently in its short lifespan to date and was a standout performer as a State Owned Enterprise delivering returns to the State.
“All of this information is provided in Kumul Petroleum’s comprehensive, unqualified, audited Annual Financial Statements and Reports. We welcome the opportunity to provide to the NEC or Parliament these reports and any other necessary information that they may be interested to know or understand,” he added.Back to News