19 Jul 2013

Interoil arranges BNP capital to support PNG refinery operations

4:36 am on 19 July 2013

The Canada-based petroleum company Interoil has secured a 350 million US dollar capital arrangement with the banking group BNP Paribas to support operations of the Napa Napa Refinery in Papua New Guinea.

The oil refinery is part of InterOil's extensive list of assets in PNG, including petroleum licenses covering about 3.9 million acres.

On its website, Interoil says the financing will assist with the ongoing operational activities of the refinery, which has experienced consistent growth over the past 5 years

It says funding is subject to Bank of Papua New Guinea approval on the granting of PNG security over refinery assets, and other standard closing conditions.