Norcorom refinery to change hands

AMIN subsidiary International American Refineries, Inc., has acquired all outstanding shares of Norcorom Industries.  Norcorom owns a refinery in Ingleside, Texas, with a capacity of 40,000 bpd. Key aspects of the refinery include the refinery itself, a barge dock, storage tanks and pipes to and from the dock. The total land area is over 101 acres; including the refinery and dock. Also on the premises are 19 storage tanks with a total capacity of 841,000 barrels of storage. As previously mentioned, the refinery can process 40,000 bpd crude oil and has also produced naphtha, jet fuel, kerosene, diesel and fuel oil.

The proposed acquisition will be an all cash transaction. AMIN and its subsidiary are presently conducting due diligence and will specifically study the estimated costs to bring the refinery up to 2010 standards.

Daniel Dror, chairman and CEO of AMIN stated, "Subject to successful completion of our due diligence, we hope to be able to close on the refinery acquisition before the end of the fiscal year. Our management believes that the time is right to acquire a company in the business of refining petroleum products, and further our management believes that the spread and profits will grow as the energy sector continues to be increasingly positive in the near term."

AMIN previously negotiated a contract to acquire the Nixon refinery in Nixon, Texas. The sellers refused to deliver title on the refinery to AMIN and AMIN received $2 million in settlement of its claim for breach of contract.

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