The financial media and commentators are divided over whether InterOil is genuine about its oil and gas discoveries or whether they are just part of a massive scam.
InterOil announced in December 2009 that the PNG government, through the National Executive Council, had approved its plans for the construction of a liquefied natural gas (LNG) plant.
InterOil says the $7 billion LNG project will be developed with its joint venture partners, which include Pacific LNG Operations and the government of Papua New Guinea (through its nominee Petromin PNG Holdings)
According to InterOil the project will involve a two-train LNG facility, with each train capable of producing approximately 4 million tons of LNG per annum. First production of LNG is projected towards the end of 2014 or beginning of 2015, although InterOil says it is progressing a proposed liquids stripping plant, to be located in Gulf Province, in late 2011 or early 2012. The project will use natural gas resources from the Elk/Antelope field. The natural gas will be treated at a conditioning plant in the Gulf Province and then transported to the proposed LNG plant site near the company's existing refinery at Napa Napa outside Port Moresby.
Is InterOil genuine or just a stock market scam?
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