ICCC continues assessment
By The National
THE Independent Consumer and Competition Commission is continuing its independent assessment on the acquisition of Inter Oil by ExxonMobil, Commissioner and chief executive officer Paulus Ain says.
“The ICCC would like to state that the proposed transaction needed careful review before forming a view on potential adverse implications on competition in Papua New Guinea given the complexity of the different segments (upstream to downstream) of the petroleum industry (in the country) that are likely to be affected,” Ain told The National yesterday.
“At this stage, the ICCC’s investigation is still ongoing.”
On October 13 last year, the ICCC issued ExxonMobil a statutory notice pursuant to section 128 of the ICCC Act requesting certain information and documents relating to its acquisition of Inter Oil’s interests in the Papua LNG project.
“The deadline for ExxonMobil to provide the information and documents requested in the Statutory Notice was November 3, 2016,” he said. “On November 2, 2016, ExxonMobil executives met with Internal Consumer and Competition Commission staff and presented its response to the Statutory Notice.
“The ICCC is currently reviewing ExxonMobil’s submission and other information it has obtained.
“It will advise of its position once it has completed reviewing the documents and information before it.”
Meanwhile, the Court of Appeal of Yukon in Canada has upheld the appeal lodged by Inter Oil founder Phil Mulacek regarding the acquisition by ExxonMobil. Inter Oil, in a market release, said then the Court of Appeal of Yukon had overturned the Supreme Court of Yukon’s approval of the pending transaction with ExxonMobil on October 7 last year.
Inter Oil says it believes that the current arrangement agreement represented compelling value for all Inter Oil shareholders.
Inter Oil and ExxonMobil said they were considering the court’s ruling and are determining a path to closing the transaction.