KPHL responds to PM

BY ISAAC NICHOLAS

Kumul Petroleum Holdings Limi-ted has delivered more than K4 billion in dividends to the State since its inception in 2014.
KPHL said in a statement yesterday that the National Oil Company (NOC) will present a comprehensive financial statement and report to be submitted to government and Parliament this week.
Kumul Petroleum chairman Andrew Baing said in response to Prime Minister James Marape’s statement in Parliament of deliver-ing a full report of Kumul Petroleum that the NOC operated 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,” he said. Mr Baing said that Kumul Petroleum was always mindful of its mandate, who its shareholders were, eight million people of PNG through the Prime Minister as the trustee and whom the NOC was 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,” he said.
Mr Baing said that since 2014, Kumul Petroleum had delivered to the State more than K4 billion in dividends, returns of capital, taxes, and other strategic, social and community investments in the country.
“This represents 78 per cent of Kumul Petroleum’s available cash flow,” he said.
Mr Baing said Kumul Petroleum has paid dividends and other contributions consistently in its short life-span to date and was a standout performer as a State-owned enterprise delivering returns to the State.
“All 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 said.