Kumul Petroleum Holdings Limited (KPHL) has fulfilled its commitment to be the Gold sponsor of the Special Economic Zone (SEZ) summit which will be hosted in the country.
KPHL Managing Director Wapu Sonk recently presented a cheque of K100 000 to International Trade and Investment Minister Richard Maru to show their support.
The inaugural SEZ summit in PNG is a platform to discuss policy gaps, opportunities for investors, the types of economic zones and the services or infrastructures needed in those economic zones.
The Managing Director said KPHL is committed to assist the government in its establishment of SEZs, through power generation solutions.
“Kumul Petroleum will play a role in providing energy. It will be a mix of energy sources, it can be hydro, solar, gas fired power stations or bio fuel, depending on where the economic zones are.
“It’s not only Kumul Petroleum investing in energy, but we will bring in partners to work with us in the different energy opportunities that exist, to support these economic zones.” The Managing Director said.
International Trade and Investment Minister Richard Maru thanked the KPHL Board for this support, saying it is a timely boost, and it is a statement to consolidate this partnership going forward.
Minister Maru said the easiest economic zones are those that have roads, wharves, state land and other infrastructures in place, however the biggest issue is energy source.
“The government cannot continue to burn Diesel fuel which is expensive and also pollutes the environment, so we are looking to KPHL to provide a green solution, and it must be cheaper,” the minister said.
He said the cheaper cost of power can be passed onto users and consumers in the private sector, who will also produce goods and compete in the global market.
KPHL being the Gold sponsor of the summit, will be given a slot to speak on their plans and vision to provide clean and cheap energy to all special economic zones, including an information booth during the summit.
The Special Economic Zone Summit will be hosted in Port Moresby, from May 8 – 9, 2023.