American International Petroleum Corp. evicts its refinery lessee; Refinery expansion is being accelerated.NEW YORK--(BUSINESS WIRE)--April 1, 1997--American International Petroleum Corp. (NASDAQ:AIPN AIPN - acute inflammatory polyneuropathy AIPN - Advanced Industrial Property Network (Japanese Patent Office) AIPN - All IP Based Network (3GPP) AIPN - Asian Industrial Property Network AIPN - Association of International Petroleum Negotiators), announced today that it has evicted the lessee of its Lake Charles, Louisiana refinery, Gold Line Refining Ltd. for non-payment of lease fees and other items to default under the parties' lease agreement which was to expire on March 31, 1998. The company said it has also filed suit to recover amounts owed to the company by Gold Line totalling approximately $1.8 million. A hearing on the suit is scheduled for April 9, 1997. The company said construction of the refinery expansion is proceeding on an accelerated basis and that it intends to implement the terminalling phase of its contract with Coastal Refining and Marketing during May 1997. The company is also having discussions with parties interested in utilizing the refinery's crude unit, previously leased to Gold Line, for processing of crudes to produce various higher-end products. American International Petroleum Corp. is engaged in refining in Louisiana and is currently seeking international oil and gas projects. CONTACT: Denis J. Fitzpatrick 800/298-AIPC AIPC - Androgen-Independent Prostate Cancer AIPC - Approximate Inverse Pre-Conditioner AIPC - Architecture Integration Processing Center AIPC - Army Information Processing Center AIPC - Army Installations Planning Committee AIPC - Automated Information Processing Center |
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