NPCP pays dividend

 By SHIRLEY MAULUDU

THE Independent Public Business Corporation (IPBC) last Friday described the K415 million dividend it received from the National Petroleum Company PNG (NPCP) as the ‘biggest from any state entity’ since independence’.

Chairman Paul Nerau said a such gesture and performance by a government business showed that Papua New Guinea can grow its own businesses.

“NPCP is one of our youngest SoEs (state owned enterprises) and I’m proud to be here today (Friday) to receive this cheque. It’s not just a cheque for some K20-K30 million, its K415 million.

“This is the biggest dividend cheque since independence paid by any SOE to IPBC and the government,” he said.

He praised the company’s executives for the early payment and PNG LNG project developer ExxonMobil PNG Ltd for delivering the project ahead of schedule.

“I think it is a great new for us and the funds have flowed through to the government partially before end of the year.

“It is about Papua New Guinea growing its business opportunities.

“I must say its Papua New Guineans doing what they should be doing, delivering outcomes, dividends and that’s what I’m looking forward for all my SOEs to deliver.

“It’s about giving dividends to the government … at the same time giving service to our people.

“I’m assured we will continue to make greater progress in the oil and gas area and all the downstream processing that needs to be done in this country,” Nerau said.

NPCP was established as holding company for the State’s oil and gas interests. 

Besides the PNG LNG project, the firm has a number of other interests including recently purchased Cue Energy assets, Oil Search shares of 9.81 per cent of the company along with its other existing interests.