A devoted and transparent culture is what KB Petroleum LLP strives to promote as a proud community partner. We are happy to be able to help the people in the area both socially and monetarily so they can live better lives. The Company did not participate in or support any charitable or social initiatives or gatherings in 2020. On the other hand, KB Petroleum LLP offers support when required. For example, it can lend specialized equipment to rural districts in the event of severe snowfall or infrastructure accidents, and it can arrange transportation for rural children to take part in field trips to nearby historical sites.

Payment to governments

KB Petroleum LLP is committed to transparency in both its business dealings and its payments to the government. Our interactions with the local community and government, as well as the manner and purpose of our interactions with various stakeholder groups, are governed by an extensive public relations and government relations procedure. In 2021, KB Petroleum LLP made payments to governments totaling US$31 million. We will provide an update on payments made to governments in 2022 in the first half of 2023.

Liquidation fund contribution

As stipulated in the agreement, KB Petroleum LLP will set aside US$12.7 million in liquidation funds to deal with the fallout from its operations, including cleanup of drilled wells, environmental preservation, and dismantling of other facilities. These projects will require approval from the government, the local community, and the company. At the end of 2021, US$7.7 million (including amounts held and sold in 2022) was held in restricted cash accounts as deposits for the liquidation fund (2020: US$7.6 million, including deposits for subsoil use agreements).