Monday, October 27, 2008

Major banks back InterOil

PORTMORESBY: Two of Papua New Guinea’s leading financial institutions will provide InterOil with a K150 million revolving working capital loan facility.

The financiers are the Bank of South Pacific Limited and Westpac Bank PNG Limited.

The facility will be used for InterOil’s wholesale and retail petroleum distribution business in Papua New Guinea.

The Company’s Chief Financial Officer Collin Visaggio says the transaction shows Papua New Guinea’s banking industry remains strong despite the current international credit meltdown.

“The arrangement is evidence of the solid relationships and strong presence InterOil has in the PNG marketplace.

“The loan facility will help ensure the continued, smooth day to day running of our distribution business”.

“It will do this by providing increased security for our working capital requirements.”

InterOil owns and operates Papua New Guinea’s only oil refinery. The plant is capable of processing up to 32,500 barrels of crude oil a day, about double the national requirement.

It produces a wide range of fuels including petrol, diesel, kerosene and aviation fuel.

The refinery also distributes a new product called InterOil Power Fuel which has been developed especially for industry.

InterOil also has more than 60 branded service stations throughout Papua New Guinea.

It also has a number of important supply contracts with commercial aviation, mining transport and other companies.

InterOil supplies about two thirds of the PNG fuel market.

 For further in formation please contact

Susuve Laumaea

Senior Manager -- Media Relations

InterOil Corporation

Ph: 321 7040

Mobile: 684 5168



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