Puma Energy, a global integrated midstream and downstream energy company, has today announced the acquisition of InterOil Corporation (NYSE:IOC) subsidiary companies that own refining and fuels marketing businesses in Papua New Guinea for US$525.6 million, which includes adjustments for cash and working capital.

Under the deal, which represents Puma Energy’s first investment in Papua New Guinea, Puma will acquire InterOil's refining business, an extensive network of fuel terminals, retail service stations and aviation facilities, becoming Papua New Guinea's major supplier of fuel. The acquisition will be entirely funded from Puma Energy’s existing bank facilities and available cash on balance sheet.

Puma Energy is one of the world’s largest independent midstream and downstream companies. It plans to use its extensive experience in fuel storage, distribution and refining to link the Papua New Guinea fuel market with its global operations. Existing InterOil staff will be retained and the operations are intended to be managed locally.

The acquisition will complement Puma Energy’s existing global strategy of disciplined investing in fast-growing markets with a high demand for oil products, offering the opportunity to improve local infrastructure and to provide supply security in remote areas.

Pierre Eladari, Puma Energy’s CEO commented: “We have been impressed by InterOil’s business, its strategic asset base, its customer portfolio and the quality of its management and people. There are many parallels between our global businesses and that of InterOil’s – in particular the importance of expertise in logistics, guaranteeing the reliable and secure supply of high quality fuels to our customers."

"We believe strongly in Papua New Guinea and its future growth prospects, and see many opportunities for continued investment in infrastructure and in the skills of our employees to build upon the historic success of InterOil’s business, and to position PNG as a strategic hub within our regional portfolio. This investment marks an important step in the execution of our regional strategy and offers considerable synergy with our developments in Australia and the broader Pacific region," said Pierre Eladari.

About Puma Energy

Puma Energy is a global integrated midstream and downstream oil company active in close to 45 countries. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide, achieving rapid growth, diversification and product line development. The company directly manages over 6,700 employees. Headquartered in Singapore, it has regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico), Brisbane (Australia) and Tallinn (Estonia).

Puma Energy’s core activities in the midstream sector include the supply, storage and transportation of petroleum products. Puma Energy’s activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product. Puma Energy’s downstream activities include the distribution, retail sales and wholesale of a wide range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors. Puma Energy currently has a global network of over 1,700 retail service stations. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources.

About InterOil Corporation

InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea. InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering about 16,000sqkm. The company employs more than 2,000 staff and contractors in its upstream business. It has its main offices in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.

See the site of Port Moresby refinery