Singapore: Singapore-based Puma Energy announced the acquisition of InterOil Corporation subsidiary companies that own refining and fuels marketing businesses in Papua New Guinea (PNG) for $525.6m.

Puma Energy plans to use its extensive experience in fuel storage, distribution and refining to link the Papua New Guinea fuel market with its global operations.

Puma's PNG manager Ray Taylor said PNG's deepwater ports offer potential for it to grow as a supplier to the Pacific and even northern Australia.

"PNG obviously has the growth aspects to the market here, we've already seen significant LNG development and there's more to come," Taylor said. [02/07/14]