InterOil Corp. (IOC) announced it has received notification from Papua New Guinea's competition authority advising that the application by InterOil's subsidiary for authorisation of the purchase of Shell Oil Products or PNG Limited, the owner and operator of an aviation fuelling business located at the Jackson International Airport, in Port Moresby, Papua New Guinea announced on July 22nd 2009, has not been approved.
The refusal to authorise the transaction was based on the authority's view that it could have the effect of substantially lessening competition in the relevant market. InterOil intends to explore alternative structures and means by which to deal with the authority's concerns.
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