InterOil Announces Arrival of First Crude Oil Shipment for The Refinery

InterOil Corporation announced that the first shipment of crude oil for its refinery has arrived at InterOil’s marine terminal located across the harbour from Port Moresby. The InterOil refinery project has transformed the country from a crude oil exporting nation that had to import its refined products to a net exporter of refined products.

The refinery has a name-plate capacity of 32,500 barrels per day and complies with the World Bank’s environmental standards. It has been engineered to process “sweet” crude, low in sulphur, requiring few environmental costs in the refining process. Production from the refinery will accommodate the country’s domestic requirements while also providing export product to the surrounding region.

“We are extremely pleased with this event and proud of our achievements to date,” said Mr Phil Mulacek, CEO of InterOil. “Commissioning can now begin with the introduction of crude oil into the processing units as we build towards full production.”

InterOil is focused on Papua New Guinea and the surrounding region, and is developing an integrated energy business consisting of an oil refinery, petroleum exploration, and retail assets. The majority of product from the refinery is secured by contracts with Shell Overseas Holdings Ltd. BP Singapore is the exclusive agent for all crude oil supplied to the refinery. In addition to the refinery and retail assets, InterOil has commenced an extensive exploration program in Papua New Guinea.