ICCC turns down InterOil bid

Business, Normal

THE Independent Consumer and Competition Commission (ICCC) has turned down InterOil’s plans to acquire Shell Ltd’s shares in the jet A-1 fuel refueling facility at Jackson International Airport.
ICCC turned down InterOil’s application yesterday.
The agency has determined the proposed acquisition, if authorised, would substantially lessen competition in the distribution and into plane supply of aviation fuel throughout PNG.
In addition, the ICCC did not believe the proposed acquisition would benefit the public.
In a statement released yesterday, ICCC Chairman and chief executive officer Thomas Abe said the decision to decline authorisation of the proposed acquisition was reached after a long and tedious assessment of the state and structure of competition in the market and the benefits the sale would have on the public.