The refinery has a total land area of over 101 acres, including the refinery and dock with 19 storage tanks with a total capacity of 841,000 barrels of storage.
In the event of a purchase, 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, said: “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 believes that the refinery acquisition, if successfully concluded, will further its plans to expand in the oil and gas industry segment.
