This just in from Millennium
NEW YORK--(BUSINESS WIRE)--Nov. 5, 1997--
First Shipment of Bulk Asphalt Received November 4, 1997
American International Petroleum Corporation (NASDAQ: AIPN),
today announced that it has implemented asphalt operations at its
30,000 barrels per day Lake Charles, LA refinery and will begin
marketing polymerized asphalt as well as conventional paving grade
asphalt.
The company said it received its first shipment of bulk asphalt
on Nov. 4, 1997 which will be blended, polymerized, and marketed in
Louisiana and East Texas.
The company also said that the refinery will be ready to
manufacture asphalt by mid-December. Immediately thereafter the
company plans to start an initial run to process between 100,000 to
200,000 barrels of low-gravity, high-sulfur crude oil. With the
onset of the asphalt season during the latter part of the first
quarter of 1998, the company intends to commence processing at the
rate of 10,000 barrels/day and will increase such rate as marketing
conditions warrant.
The above statements are forward-looking, and are based on
estimates and current expectations. They involve certain risks and
uncertainties detailed from time to time in the company's SEC
reports. Actual results may differ materially.
American International Petroleum Corp. is engaged in oil and
natural gas exploration in Kazakstan and refining in Louisiana.
--30--sdg/ny* sid
CONTACT: Millennium Holdings Group Inc., Boca Raton, FL
Investor Relations, 561/988-2334
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