Following the sale, InterOil will be able to focus on its more profitable upstream assets including one of Asia's largest undeveloped gas fields, Elk-Antelope in the Gulf Province. "Our upstream and LNG business has become core to the company's growth and, as a result of the success we have had in discovering and monetizing gas, the time is right to focus on this part of our business,” Ozturgut said in a statement.
InterOil Corp, the oil and gas company focused in Papua New Guinea, said it was selling its refinery and distribution businesses to Singapore-based Puma Energy Group for $US525. 6 million, to focus on upstream and LNG business.
Read more here: Business Spectator