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PNG's InterOil to sell refining arm to Puma Energy

Reuters - UK Focus

MELBOURNE, June 30 (Reuters) - InterOil Corp has agreed to sell its Papua New Guinea oil refinery and petroleum products distribution business to Singapore-based Puma Energy Group for $526 million to focus on its natural gas business, the PNG company said on Monday.

"Our upstream and LNG business has become core to the company's growth and, as a result of the success we have had in discovering and monetizing gas, the time is right to focus on this part of our business," InterOil chief operating officer Jon Ozturgut said in a statement. (Reporting by Sonali Paul; Editing by Miral Fahmy)