The National – Thursday, June 23, 2011
INTEROIL Corporation has announced at its annual shareholders meeting on Tuesday that all matters put before shareholders at the meeting were approved, including the election of Phil Mulacek, Christian Vinson, Roger Grundy, Gaylen Byker, Roger Lewis and Ford Nicholson as directors.
Additionally, InterOil announced that it had received approval from its board of directors to make certain capital expenditures on critical infrastructure ahead of Final Investment Decision (FID) on its Gulf LNG project in order to preserve the proposed 2014 start-up date.
In order to take advantage of attractive market prices for steel, the board has authorised ordering up to US$100 million of condensate and processed gas line pipe, infrastructure and other long lead items required for the project.
InterOil is developing a vertically integrated energy business whose primary focus is PNG and the surrounding region.
InterOil’s assets consist of petroleum licences covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in PNG.
In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant.