The Prime Minister, Hon Peter O’Neill CMG MP, has welcomed the purchase of InterOil’s Papua New Guinea refinery and fuels marketing business by Puma Energy worth more than 1.5 billion Kina (US$525.6 million).
Mr O’Neill said the investment is a strong show of confidence in the strength and direction of Papua New Guinea’s economy, and the success of InterOil in growing their business operations. “I welcome the investment by Puma Energy in Papua New Guinea worth more than one and a half billion Kina,” the Prime Minister said. “Puma Energy’s investment in Papua New Guinea is more than a capital investment, the company will bring with it expertise that will deliver further benefits to the economy. “As a company that operates in 45 countries and has more than 6,700 employees, Puma Energy has a wealth of knowledge and experience that they will apply in their PNG operation. “Puma will retain its more than 700 workers already employed by InterOil in its current refinery and downstream businesses. This is welcome news for these workers and their families, and an indication of how we anticipate Puma will approach their expansion plans in the years ahead.” The Prime Minister also congratulated InterOil management for their success in building the refining and fuels marking business operations to the point that they became an attractive acquisition for Puma. “InterOil has successfully evolved its business to the point where its focus is firmly on its core LNG operations, and is in the position to release its refinery and fuels marketing operations. “This position has been achieved through a disciplined and strategic business approach by InterOil including efficient and reliable supply chain management.” Comments are closed.
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