American International Petroleum Begins Crude Oil Processing At Its Louisiana Refinery; Refinery To Process Minimum 10,000 Barrels Per Day.Business Editors NEW YORK--(BUSINESS WIRE)--February 23, 2001 American International Petroleum Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AIPN AIPN Association of International Petroleum Negotiators AIPN Australian Injury Prevention Network AIPN Advanced Industrial Property Network (Japanese Patent Office) AIPN Asian Industrial Property Network ) today announced implementation of crude oil processing at its Lake Charles, Louisiana
Lake Charles can also refer to Lake Charles, Nova Scotia a lake in the Halifax Regional Municipality, Nova Scotia Lake Charles refinery, owned by wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. American International Refinery, Inc. ("AIRI AIRI Atomic Industry Research Institute "), for Sargeant Bulktainers ("SB"), a unit of The Sargeant Group of Companies. AIRI has begun processing the crude oil at a minimum rate of 10,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . The processing agreement with SB, as recently amended, requires AIRI to refine, for a fee, SB's crude oil into naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. , distillates, vacuum gas oil and asphalt, and addresses, among various issues, specific performance by SB regarding continuous deliveries of crude oil to the refinery. The Company's wholly owned subsidiary, Gulf Coast Petroleum Trading Inc. ("Gulf Coast"), will market the refined products, except for the asphalt which will be sold to the AIRI/Sargeant asphalt joint venture. AIRI and SB signed a joint venture agreement last year, whereby SB agreed to supply AIRI with all its requirements of conventional bulk asphalt and raw materials, while AIRI utilizes its facilities and expertise to blend the asphalt into high-margin polymerized asphalt, and market it throughout the Gulf Coast and other areas of the country. The joint venture currently has a backlog of approximately $7 million of firm orders for asphalt. About The Sargeant Group of Companies: The Sargeant Group of Companies, formed in 1983 and headquartered in Boca Raton, FL, is a world leader in the sales, marketing and transportation of asphalt and bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. products. The Sargeant Group operates the largest and most modern fleet of asphalt tankers, barges and bulk containers in the world. About American International Petroleum Corporation: American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in the Republic of Kazakhstan, and in the refining of crude oil, and in marketing and transportation of refined products in the United States. Statements herein may be identified as forward-looking for purposes of safe harbor provisions under Section 21E of the Securities and Exchange Commission Act of 1934. Such statements relating to the Company's business, including statements in this press release such as SB delivering additional, and on a timely basis, if any, crude oil; AIRI's ability to refine SB's crude oil at projected volumes, if at all; ability for Gulf Coast to market refined products; and future business are subject to risks and uncertainties that could cause actual results to differ materially from those statements and other risks and factors, identified in the Company's SEC filings. |
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