Tuesday, December 04, 2012

InterOil expects PNG approval to attract LNG partner

By James Paton of Bloomberg

InterOil Corp. (IOC) expects approval for a liquefied natural gas project from the Papua New Guinea government will help attract a partner to develop the venture.
“There are a number of international oil companies, a number of national oil companies and a number of utilities” that have spoken to InterOil about joining the planned project, Chief Executive Officer Phil Mulacek said yesterday in an interview in Sydney. 
“We’ve funneled that down to a shorter list.”
InterOil last month received approval from Papua New Guinea’s National Executive Council, clearing the way for the proposed LNG plant with an initial production capacity of 3.8 million metric tons annually. 
The company said last year it hired Morgan Stanley, UBS AG and Macquarie Group Ltd. to evaluate partnership proposals.
InterOil shares in New York have risen 8.9 percent this year, compared with a 10 percent increase in the New York Stock Exchange Composite Index.

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