On Wednesday 19 August 2020, the Board of Kumul Petroleum Holdings Limited (Kumul Petroleum) declared an interim dividend of K100 million (USD29.5 million) to the Independent State of Papua New Guinea.
The declaration and presentation of the interim dividend to the state, was made by the Managing Director Wapu Sonk and Chair of the Kumul Petroleum Board Dr Benedict Yaru to the Trustee of Kumul Petroleum and Prime Minister of Papua New Guinea James Marape in a small ceremony in Port Moresby.
Chairman of the Kumul Petroleum Board Dr Benedict Yaru said, “In accordance with the Companies Act 1997 and the Kumul Petroleum Authorization Act 2015, today, the Board of Kumul Petroleum declares an interim dividend of K100 million to the Independent State of Papua New Guinea and makes this presentation as a symbolic gesture to the payment made to the State”.
On 19 March 2020, the Board declared an interim dividend of K100 million, and authorised its payment to the state. This was the first part of the 2020 dividend to be paid to the State. Today’s presentation is the second dividend payment made this year.
Managing Director Mr Wapu Sonk said that despite the Coronavirus (COVID-19) pandemic and the challenges of oil price fluctuations affecting revenue, Kumul Petroleum continues to carry out its commitment to the State and the people of Papua New Guinea as best it can, given the market conditions.
Prime Minister James Marape was appreciative of the gesture and efforts of Kumul Petroleum to ensure its operations despite the pandemic, thanking the organisation for its continued commitment.
Trustee delegate and Minister of National Planning and Monitoring Sam Basil said on receiving the interim dividend: “As Trustee Delegate on behalf of Trustee, Hon James Marape and PM and people of PNG thank Kumul Petroleum for the K100 million kina interim dividend today, as well as the first interim dividend received in March 2020; which came in at a critical time when the Coronavirus Pandemic was hitting the PNG shores.
Kumul Petroleum stated that any other dividend payment will be subject to the cash position given the prevailing circumstance. Regardless, Kumul Petroleum remains committed to the PNG Development Strategy Plan 2010 -2030 (PNGDSP), through key socio- economic development programs that support rural electrification, education and health.
Feature Pic: Pictured from left to right: Dr Benedict Yaru, Chair of the Kumul Petroleum Board; Trustee Delegate and Minister of National Planning and Monitoring Hon. Sam Basil MP; Prime Minister of Papua New Guinea Hon. James Marape, MP; and Managing Director of Kumul Petroleum Mr Wapu Sonk. Credit: KPHL
