From left Wapu Sonk, Treasurer Charles Abel and KPH board chairman Sir Moi Avei with the dummy cheque.

Kumul Petroleum pays Govt another K100 million

Kumul Petroleum Holdings Ltd yesterday paid its final dividend component of K100 million to Treasury.

Chairman Sir Moi Avei said State equity in the PNG LNG Project was held by KPH which was required to pay an annual dividend of K300 million.

“We were expected in the budget to pay K300 million,” he said.
“So far we have paid K150 million this year and K50mil in terms of the earthquake relief.

“Today we give you K100 million as the final dividend from KPH.
“KPH has to invest for the two liquefied natural gas trains from Total and we have to save some money for that exercise. We put more in, we borrow less. That’s the simple principal.

“We will always honor the commitment we have with the National Government.”

Managing-director of KPH Wapu Sonk said every dividend they paid was in US dollars.

“We have been paying in US dollar which has been sustaining the Government through the foreign exchange,” he said.

“We are involved in highly-technical high-cost environment but we do commit and make sure the commitment is fulfilled.
“We are happy to support the Government in its efforts in service delivery.

“We look forward to the big projects that are in queue for the next few years.”

Deputy Prime Minister and Treasurer Charles Abel acknowledged KPH for meeting its commitments in the budget.

“I want to thank Sir Moi and (Wapu) Sonk. We are working to ensure upcoming projects support Government to get best deal for Papua New Guineans.

“As we approach the end of the year, we expect the balance of those dividends to come in.”