Sunday, March 06, 2011

Petromin pays K100 million in taxes and dividends

Petromin has paid K8 million as dividend to the state in the 2008 and 2009 years of operation, in addition to K105.5m in taxes to the government since 2008, according to board chairman Brown Bai.
Speaking at the opening of Petromin Haus last Friday, Bai said this was because of sound and prudent management, and urged management and staff to continue taking pride in their work and new office.
He also applauded last week’s decision by Mining Minister John Pundari to nominate Petromin to participate in four world-class mining projects: Solwara-1, Frieda River, Wafi-Golpu and Yandera.
“In our assessment,” Bai said, “these projects are operated by reputable operators and Petromin is happy to be a participant in these respective projects, because they will add value to the growth of the company and future prosperity of our people.
“Similarly, Petromin is comfortable to be a partner in the Moran oil fields and the PNG LNG projects, which are operated by world-class operators.
“Petromin is also a nominee in the second large Elk/Antelope LNG project, with a 20.5% equitable interest, led by InterOil Corporation.
“Whilst we have not been provided information on the recent arrangement between Energy World Corporation (EWC) and Liquid Niugini Gas Ltd (LNGL), we hope the project will be developed on schedule.
“…I am particularly excited about the future prospects based on major important investment decisions and new commitments that we have made to further enhance Petromin’s continuing successful performance.
“These include mineral and petroleum exploration programmes and commercial investments in partnership with strategic partners.”
Petromin currently has six wholly-owned subsidiaries which hold its equity in current and future projects: Tolukuma Gold Mines Ltd (TGM); Eda Oil Ltd (Moran petroleum project); Kumul LNG (PNG LNG project); Eda LNG (Elk/Antelope LNG project); Eda Minerals (mineral exploration and production); Eda Energy (petroleum exploration and production); and Petromin Shipping (LNG shipping).

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