PNG's first oil refinery one step closer to reality

Papua New Guinea's first oil refinery is one step closer to reality after ASX-listed energy company InterOil told the stock exchange that the first major shipment of refinery equipment from Texas has arrived in Port Moresby.

The arrival of the equipment, which left Houston about a month ago, is being offloaded at the Port Moresby wharf and preparations are being made to transport the shipment to the refinery site.

The second and last shipment of refinery equipment will leave Houston for the site during the first quarter of 2003. InterOil is looking at a completion date for the refinery in the fourth quarter of 2003.

Perth-based engineering outfit Clough Engineering is managing the construction contract for the refinery, which upon completion will process 32,500 barrels per day of crude oil for both domestic and export markets.