St. Marks Refinery Reaches Agreement for Disposition of Tankage At St Marks, Florida Facility
NEW YORK, Jul 1, 2002 (BUSINESS WIRE) -- St. Marks Refinery, Inc. (SMR), announced today it has reached an agreement with the Florida Department of Environmental Protection (DEP) regarding the disposition of petroleum product tankage at its facility in St. Marks, Florida.
The SMR facility is undergoing the first steps of remediation by the DEP for the clean up of petroleum contamination at the site. SMR has been presented with documentation recently made available by the DEP that the site contains levels of dioxin contamination here-to-fore unknown by either the DEP or SMR. SMR has relinquished its rights to storage tanks and equipment in the area identified by the DEP as containing dioxin above regulatory levels. This decision will allow the DEP to continue remediation activities unimpeded.
SMR maintains its commitment to act in good faith to assist the DEP in the clean up of the site. SMR has no knowledge what so ever of activities at the facility that could have caused dioxin contamination, and can only surmise that such conditions predated SMR's acquisition of the facility in late 1992. SMR received a specific waiver of liability from the DEP for preexisting conditions prior to its acquisition, and is currently seeking confirmation of the validity of that waiver in Wakulla County, Florida circuit court.
SMR continues to work with the DEP in order to maintain the portion of the facility to be utilized for asphalt distribution. The storage tankage associated with the asphalt distribution area is exempt from state regulation, and is in compliance with applicable United States Coast Guard regulations.
It is estimated that thorough contamination testing by the DEP of the asphalt distribution area shall commence by no later than mid-July. A final determination regarding the status for asphalt distribution activities at the facility shall be made upon receipt of DEP documentation by SMR of the test results of that area.
SMR is a wholly owned subsidiary of American International Petroleum Corporation (OTC BB: AIPN).
Statements herein may be identified as forward-looking for purposes of safe harbor provisions under Section 21E of the Securities and Exchange Commission Act of 1934. Such statements relating to American International Petroleum Corporation, and SMR's, business, including those specific to this press release, such as efforts to utilize SMR for asphalt distribution; receipt of further DEP test results favorable to asphalt activities; and all future business of the Company, including SMR, are subject to risks and uncertainties that could cause actual results to differ materially from those statements and other risks and factors, identified in the Company's SEC filings.
CONTACT: St. Marks Refinery Michael Dodge, 212/688-3333
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KEYWORD: NEW YORK FLORIDA INDUSTRY KEYWORD: ENERGY OIL/GAS SOURCE: St. Marks Refinery