October 11, 2019

Marape Govt receives K100 million in Dividends from KPHL

Marape Govt receives K100 million in Dividends from KPHL

PNG Prime Minister James Marape, , was handed K100 million in dividend for the State by the Chairman of Kumul Petroleum Holdings Limited (KPHL) Andrew Baing after the State Owned Enterprises Annual General Meeting last night.

The Prime Minister thanks the Board, Management and Staff of KPHL for working hard to bring the company to what it is today.

“So far so good, you have come in a short space in time, benefiting from the five years of consistent production of the two trains of gas,” Prime Minister Marape said.

“A revenue envelope of about K5 Billion that equates to an average a K1 billion every year.

He said that is the country’s benefits from the 16.77% participation stake in the present two trains of LNG project and he appreciated the fact that KPHL as a beneficiary in the PNG LNG Project is contributing to the economy.

Prime Minister Marape said so far so good, but there are a lot more space for improvement going forward.

He urged KPHL to take into consideration intentions that he and his government will put forward in the interest of the greater shareholder, the people of Papua New Guinea.

The Prime Minister also revealed that Cabinet made a decision recently, putting forward the way they want the company to go, and urged the Board and Management to adopt those decisions.

“There was a recent Cabinet decision we took and I would like the board to embrace that Cabinet decision because that is the way we intend to take Kumul Petroleum and that is what we want to fully shape up what would be a sister company, Kumul Mining,” the Prime Minister said.

He said in that Cabinet decision, a breakup and of the distribution of dividends from the revenue collected by Kumul Petroleum and outlined.

The breakup is as follows;
1. 50% goes to budget support
2. 20% goes to Administrative Cost (up by 5% from current 15%)
3. 13% will be saved for call on cash when investment decisions are being made
4. 7% will go into the Sovereign Wealth Fund for the country
5. 10% will go towards assisting church run education and health services throughout the country

The Prime Minister said those distributions are specifically addressed in the Cabinet paper and again urged the board to embrace that decision.

He also wants Kumul Petroleum to detach from investments that can be done by landowner companies such as drilling, and become an equity player in the Oil & Gas industry.

PNG PM Marape disorganized, says Namah

PNG PM Marape disorganized, says Namah

PNG Opposition Leader Belden Namah has criticized the Marape led government for its delay in handing down the 2019 Supplementary Budget.

Prime Minister James Marape earlier made statements that when Parliament resumes for sitting on Tuesday 08th of October, his government will hand down a Supplementary budget.

But after the third day of sitting on yesterday, 10th of October, and the government again did not hand down the 2019 Supplementary budget, the Opposition Leader describes the PM and his government as disorganized and confused.

He says today the country was hoping to see the government hand down the supplementary budget, which the Prime Minister has come out publicly saying it will rescue the country from its current financial problems.

And Mr Namah says the government has more than enough time to prepare the supplementary budget.

The Opposition Leader adds that the country looks forward to this new government introducing new polices to rescue PNG from its current economic situation but up until now, the Opposition is yet to see the Marape Government introduce one of its government policies without just talking about their ideas.

Mr Namah says he was disappointed that the government keeps adjourning Parliament after question time since the house resumed session on Tuesday this week, with no bills or legislations brought to Parliament, implying it is disorganized and has no business for government to conduct.

Yesterday afternoon Mr Namah says he was further disappointed that the Prime Minister and some key ministers were not present in Parliament, including the leader of Government Business, which saw the Deputy prime Minister rise to adjourn Parliament again to today 10am.

October 7, 2019

PM Marape gives K7 million to Manus

PM Marape gives K7 million to Manus

Prime Minister, James Marape has handed over a 7 million Kina cheque to the Manus Provincial Administration during his visit to Lorengau in Manus province yesterday.

The funds will be used for the road construction from Lorengau to West Coast and on Water Supply for the outlying Islands.

In his two day visit to Lorengau in Manus province, particularly to visit the Lombrum Naval Base and East Lorengau Refugee Transit Centre, Prime Minister called for an inclusive and sustainable PNG.

In his speech, to the people of Manus province, Mr. Marape calls for every citizen to work together to grow the economic and develop the country so that no child is left behind.

A cheque of K7 million was presented to the Manus Provincial Administration.

From that, K5 million is set aside by the Department of Works to start construction of the planned road from Lorengau to West Coast.

Meanwhile, National Planning and Monitoring Acting Secretary Korney Samuel brought a cheque of K2 million for water supply works to start across the islands in the province.

Prime Minister urged the people of Manus to work with the provincial government to ensure the projects starts.