From some inside sources Interoil downstream has just been sold off to Puma Oil a European company for US525.6 Million.Thats including the Napanapa refinery. The company is Singapore based-Puma Energy Group. PNG had a 30 year contract with Interoil to dictate whole margins and retail prices for all petroleum products (diesel, moges, jetA1 and black oil) in PNG since 2002. Interoil has approximately 65% market share in Papua New Guinea in the fuels marketing industry. The ICCC is a regulatory arm of the PNG government. It controls freight rates for volumes out of Port Moresby as a basis of the import parity pricing in PNG. But ICCC does not have much power to influence the pricing as the government agreement protects Interoils interest hence the pump prices PNG is paying at the moment. We hope Puma oil is fair to PNG as the customer pricing index (inflation) is very much done on the price of the energy.
Posted on: Mon, 30 Jun 2014 07:21:06 +0000
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