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(Image courtesy of InterOil Corp)

InterOil Corp announced it has agreed to sell its Papua New Guinea oil refinery and petroleum products distribution business to Singapore’s Puma Energy Group.

Total value of the sale is $526 million.

According to InterOil, the decision for the sale was made to focus on gas exploration.

InterOil’s main attraction is its 36 percent stake in the Elk and Antelope gas fields in PNG.

InterOil chief operating officer Jon Ozturgut said, “Our upstream and LNG business has become core to the company’s growth and, as a result of the success we have had in discovering and monetizing gas, the time is right to focus on this part of our business.”