PM lauds InterOil’s ability to raise capital for Gulf project

PRIME Minister Sir Michael Somare has expressed confidence in InterOil’s ability to raise the capital necessary to move to the next stage to develop the condensate stripping plant at the Elk/Antelope in the Gulf province.Sir Michael, who witnessed the signing of the heads of agreement between InterOil and Energy World Corp (EWC) in New York last Tuesday, said: “I am pleased to witness this signing which now confirms InterOil’s ability to raise the capital necessary to move to the next stages of this development.“I am delighted that InterOil will develop the condensate stripping plant in partnership with Mitsui and the LNG project at the same time.“These developments mean I will leave politics in 2012 satisfied with the knowledge that PNG’s economic future is on a prosperous path.“The years ahead – 2013 onwards – will be an optimum time for the people of Papua New Guinea.“This government has laid the foundation with medium to long-term plans for all sectors that are linked to our strategic development plan and our vision 2050.”