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Kumul Petroleum Holdings Limited (Kumul Petroleum), Papua New Guinea’s National Oil and Gas Company, officially announces today that Dr. Benedict Thomas Yaru has been appointed as the Chairman of the Board of Kumul Petroleum.
The power to appoint, and revoke appointments of the Board of Directors is vested in the Kumul Trustee (Trustee) pursuant to the Kumul Petroleum Holdings Authorization Act 2015(‘the Act’). The Trustee, in accordance with the Act is the person, who, in accordance with section 142 of the Constitution occupies the Office of the Prime Minister, at any given time.
Dr. Yaru’s elevation to Board Chairman was made effective as of 11 May, 2020 replacing the former Chairman. The change means former Chairman Mr. Andrew Baing, whose appointment was revoked on 28 April, 2020; ceases to be Chairman and Director of the Board. Mr Baing served as Chairman of the Board of Kumul Petroleum since April 2019.
Kumul Petroleum Managing Director Wapu Sonk said: “On behalf of the Board and Management of Kumul Petroleum, I would like to convey our appreciation to Mr. Andrew Baing for his leadership within the Board, and by the same token also congratulate Dr. Benedict Yaru on his appointment.”
“Kumul Petroleum is fortunate to have the expertise of an established leader such as Dr. Benedict Yaru, who as a founding Board member, brings to the Board a wealth of historical knowledge, and skillset that is invaluable to the Company; and as we manoeuvre through unprecedented times, given recent global challenges that have led to the sharp decline in oil and LNG prices, look forward to his continued leadership, and involvement within the Board as its Chair.”
Profile of Dr. Benedict Thomas Yaru
Dr. Benedict Thomas Yaru is a founding Director of the Board of Kumul Petroleum, and has over 30 years of extensive experience with a variety of challenging responsibilities in operational general management, and consultancy roles related to the petroleum and mining sectors.
Dr. Yaru holds a Doctor of Philosophy (PhD) in Environmental Biology, acquired from the University of Technology in Sydney, Australia. For over six years, Dr. Yaru was an Associated Professor (adjunct) at the Institute of Applied Ecology, University of Canberra, Australia.
Dr. Yaru joined the Kumul Petroleum Board in 2013 when it was then known as the National Petroleum Company of Papua New Guinea.