Business News

PIE Corp buys 19.9 per cent of Kina Petroleum shares

by Meriba Tulo – EM TV, Port Moresby

Phil Mulacek, founder of InterOil Corporation, has re-entered the resource sector in Papua New Guinea.

Through PIE Corporation Holdings, Mulacek recently bought into Kina Petroleum through a 19.9 per cent placement – worth close to K40 million. This week, Mr Mulacek and Kina Petroleum Managing Director Richard Schroeder were in the country to meet with government officials.

Mulacek says his decision to return to the resource sector in PNG is due to the confidence that now exists in the country; a testament to the potential of Kina Petroleum.

“It’s not just about Kina Petroleum. It’s about my love for Papua New Guinea,” said Mr Mulacek. “Kina Petroleum has a very good asset base and exploration experience, which sets them in good stead for the future,” he added.

Mulacek has over 25 years of experience in Papua New Guinea’s resource sector, in which he spent the majority of that time as CEO of InterOil Corporation.

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