Kumul Petroleum pays K200mil dividend to Govt

KUMUL Petroleum Holdings Ltd (KPHL) yesterday paid the Government K200 million as dividend, in addition to the K100 million paid earlier this year.
Prime Minister James Marape urged KPHL to concentrate on the upstream business of the country’s petroleum industry.
“Let me commend the management to remain true to your calling to ensure dividends are returned to the State,” Marape said.
“Kumul Petroleum Holdings (should) focus on the upstream area that is your domain, that is where you gain dominance, and partner credible investors.
“PNG is privileged to have three majors in the country. Kumul should be an equal partner. You sit on the table.
“You have access to Government institutions, policies, security, and at that level of accessibility.
“You are on par with the global majors that operate in our country.
“Be a competent player and remain focused.
“Some fields you already have in your assets are convertible for further upstream businesses.
“Find partners to come and partner our landowners and provincial governments in downstream areas.”
He thanked KPHL for its clear policy on dividend distribution.
“One of the things that I would like to commend you on is that for the first time since my Government took office, we have a clear dividend distribution policy.
“It clear states 60 per cent to support the budget, 10 per cent for your administration, 13 per cent for savings for reinvestments, 7 per cent for setting up of sovereign wealth fund, 10 per cent for community-based programmes including assistance to churches.”