Penn Octane Corporation October 2000 LPG Volume Sales Expected to be At Record Levels.Business Editors PALM DESERT, Calif.--(BUSINESS WIRE)--Oct. 11, 2000 Penn Octane Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap market: POCC POCC Payload Operations Control Center POCC Project Operations Control Center POCC Passenger-Operated Climate Control POCC Program Operations Control Center POCC Planning Organization Command Control ) is expecting October 2000 LPG LPG: see liquefied petroleum gas. 1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. volume sales to be in excess of 16,000,000 gallons, representing a record amount of Liquified Petroleum Gas (LPG) sales for the Company. The expected sales volumes are in accordance with the sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. previously signed between the Company and P.M.I. Trading Limited ("PMI See Private Mortgage Insurance. "), an affiliate of Petroleos Mexicanos, the state owned Mexican oil company ("Pemex"). The Company has also just opened its twelve-inch pipeline, which is an extension from King Ranch to Corpus Cristi for additional supply of propane. Mr. Richter, President of the Company stated "the future volumes and related margins are expected to further increase as a result of the completion of continuing infrastructure projects. In particular, the Company expects to shortly begin railcar deliveries to a terminal facility in Saltillo, Mexico owned by its affiliate, and the Company is currently completing other infrastructure projects to allow for greater volume capacity within it's pipeline system." Penn Octane is a leading supplier of Liquefied Petroleum Gas liquefied petroleum gas or LPG, mixture of gases, chiefly propane and butane, produced commercially from petroleum and stored under pressure to keep it in a liquid state. to Mexico. Penn Octane leases a 132-mile, six-inch pipeline from a pipeline in Kleberg County, Texas Kleberg County is a county located in the U.S. state of Texas. In 2000, its population was 31,549. The county seat is Kingsville6 and it is part of the Kingsville Micropolitan Statistical Area. The county is named for Robert J. Kleberg, an early settler. to its terminal in Brownsville, Texas, which historically served as a trans-shipment point for truck delivery to Mexico, and will soon serve as a trans-shipment point for railcar delivery to a newly constructed terminal in Saltillo, Coahuila, Mexico operated by Tergas, S.A. de C.V., an affiliate of the Company. The Company and its affiliates also operate a 21-mile pipeline which connects the terminal in Brownsville to a storage and distribution terminal in Matamoros, Tamaulipas, Mexico. The Company's network is further enhanced due to the 160 miles of pipe it has rights to use to transport LPG to and from its storage facilities in Markham, TX and access to other facilities which enhances the Company's ability to bring LPG and refined products to and from Northeastern Mexico. For more information on Penn Octane Corporation, visit the Company's website at www.pennoctane.com. Certain of these statements in the news release are forward-looking statements. While these statements reflect the Company's beliefs, they are subject to uncertainties and risks that could cause actual results to differ materially. |
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