The shipment consists of the main crude column, the reactors and the balance of the major processing equipment. The arrival of this shipment also coincided with the arrival of another shipment from Genoa, Italy with the refinery power generators.

The project has now reached advanced construction phase with all major components on site and targeting mechanical completion in March 2004.

Phil Mulacek, CEO of InterOil said, "The refinery will be the largest revenue generating industrial project in PNG history. The refinery will underpin new oil and gas exploration in PNG as displayed by InterOil's recent multi well drilling program currently in progress."

Sir Moi Avei, PNG Minister for Petroleum and Energy said, "The InterOil refinery project is certainly one of the largest resource developments our country has seen and as the largest value added infrastructure project will lead to the transformation of the oil and gas sector and have a very significant impact on the economy of Papua New Guinea"

InterOil is developing an integrated energy business consisting of an oil refinery, petroleum exploration, and retail assets. The majority of product from the refinery is secured by contracts valued by InterOil at about $US1.4 billion with Shell Overseas Holdings Ltd.