InterOil received an amount of $US31 million from the Overseas Private Investment Corporation, an agency of the US Government last week. This is the first disbursement under the $US85 million loan agreement for the $US200 million project.
The loan advance will allow the signing of the lump sum contract to complete the refinery and on current schedule, the first shipment of crude oil to the refinery will be received toward the end of 2003, InterOil said.
The refinery is being constructed across the harbour from Port Moresby and will process 32,500 barrels per day of crude oil with about 35 per cent of resultant fuel products destined for export.
