InterOil expected to issue major announcement on gas project

Business, Main Stories

The National

INTEROIL Corp is expected to make a major announcement this week on its Antelop/Elk gas project in the Gulf province, despite a loss of US$14 million (K38 million) in the nine months to December.
Communication between InterOil staff and the public on the company’s discussion forum on internet revealed that some company heavies were expected in the country this week for a big announcement and celebration.
Japanese petroleum company, Mitsui Petro-Chemical, are expected to participate in the gathering and there is some suggestion that an announcement for US$1 billion (K3 billion) plant was a possibility.
Mitsui is one of Japan’s largest petro-chamical company producing chemicals for plastic-making, polymers, solvents and variouis synthetic materials.
InterOil executives could not be reached for comment over the weekend despite a request by The National for clarification on a statement it released to the US Securities and Exchange Commission last Friday regarding a settlement on some shares issue and a loss of A$14 million (K38 million) in operations which it said did not affect its net-cash situation.