InterOil Corporation, in response to statements attributed to Papua New Guinea's newly reappointed Minister of Petroleum and Energy, Minister Duma, in a press article published in PNG Monday, confirms its full intention of delivering a world class LNG Project compliant with its 2009 Project Agreement with the Independent State of Papua New Guinea.
Having operated in PNG for more than 15 years, InterOil has worked hard to develop a lasting and constructive relationship with the people and governments of PNG. It is unfortunate that such assertions are being made by the Minister of Petroleum and Energy on the basis of preliminary interpretations of complex and permissive contractual definitions while the Project continues to develop. As a company with a long history and all of its operations and business in PNG, InterOil hopes that these actions, together with the recent period of substantial change in PNG's National Government, do not undermine PNG's status as a favorable country for foreign investment and international business.
InterOil is developing its LNG Project in compliance with its Project Agreement with the PNG government to develop a world-class LNG project of the size provided for, of international scale and quality, and using internationally recognized technology. The Company believes that reason and governance in the interests of the people of PNG will prevail, as has always been evident in its past dealings with the PNG government.