Dow Jones Newswires -- August 4, 1997
Penn Octane To Sell 100M Lbs Of Propylene To Union
Carbide
REDWOOD CITY, Calif. (Dow Jones)--Penn Octane Corp. (POCC) signed
a one-year contract to sell 100 million pounds of propylene with a market
value of $22 million to Union Carbide Corp. (UK).
A company spokesman said the agreement covers the company's 1998 fiscal
year, beginning Aug. 1, 1997, and ending July 31, 1998, with a renewal at the
end of the year unless either side cancels in 90 days in advance.
In a press release Monday, Penn Octane said shipments begin this week.
Penn Octane, a supplier of liquid petroleum gas, also said it recently
completed its 1997 fiscal year ended July 31, 1997, with almost $30 million in
revenues.
Fiscal 1996 figures weren't disclosed.
Union Carbide, of Danbury, Conn., is a holding company with units which
manufacture and market ethlene and other gas derivitives. |
