The proceeds are part of a loan being used to fund construction of InterOil's refinery near Port Moresby. To date, $US43 million of the $US85 million loan has been received with $US12 million having been received this quarter.

"We believe this powerful fact underscores OPICs continued confidence in Papua New Guinea; in the InterOil refinery project and our management team," said Phil Mulacek, chief executive officer of InterOil.

OPIC is an agency of the US Government with the goal of supporting infrastructure projects in emerging markets around the world.