InterOil acquires Shell assets in Papua

Canadian energy company InterOil Corporation is now the major producer and distributor of petroleum products in Papua New Guinea, following the completion of the acquisition of Shell PNG assets in October. We are excited about the acquisition of Shell Papua New Guinea as it has provided us with an opportunity to synergize these assets into our existing downstream marketing and distribution business, said Chief Executive Officer and Chairman of InterOil Phil Mulacek. Its assets comprise of an oil refinery, upstream petroleum exploration licenses, and retail and commercial distribution assets. The majority of the refined products from InterOils refinery are secured by off-take contracts with Shell and InterOil’s wholly owned subsidiary, InterOil Products Ltd. (October 3, 2006)