Pretty interesting article here..

From the Post-Courier

Interoil commits to $US 15b LNG project

INTEROIL last Friday signed a $US15 billion non-binding document with one of the world’s major independent commodity oil trading companies – Gunvor to develop the nation’s second largest LNG project. A heads of agreement was signed by InterOil’s founding directors Phil Mulacek and Christian Vinson with Gunvor executives led by Luc Speeleveld at the Parliament House last Friday.

Prime Minister Peter O’Neill was also part of the signing ceremony at his Parliament conference room. Mr O’Neill said that the Government was pleased to witness yet another positive event to signal InterOil Corporation’s seriousness and sincerity to move forward towards delivering a world class PNG project on time.

“I congratulate InterOil’s founding directors Phil Mulacek and Christian Vinson, their InterOil, Liquid Niugini and Pacific LNG for securing this LNG off-take agreement,” he said. This Government fully supports InterOil Corporation’s efforts to develop the nation’s second LNG project.

“The State is a partner in this project by virtue of its obligation to acquire up to 22.5 per cent equity as stipulated under the Oil and Gas Act. By fully supporting the interOil project, and their re-scoped development plans and schedules, this Government is clearly signaling to oil and gas industry stakeholders that any attempts to undermine and obstruct the progress of the second LNG project will not be tolerated,” Mr O’Neill reiterated.

“This Government fully supports InterOil Corporation’s decision to develop the LNG project, production and export facilities in Gulf Province. The project will be a much needed economic and social boost for development-starved Gulf Province. “The Government will move swiftly in the coming days to begin the process of facilitating necessary amendments to parts of the Project Agreement dealing with the relocation of Gulf instead of piping gas and condensates to facilities located at Napanapa in Port Moresby as initially envisaged.’’

He said the Government would also amend Project Agreement provisions to validate InterOil’s re-scoped plan.