Arabian American Development Company RSD, End trading at 3.58
Arabian American Development Company
Arabian American Development Co., a leader in the specialty chemical area, today announced that it has reached a binding agreement resolving prior discussions surrounding the Al Masane Al Kobra Mining Company (AMAK) corporate documentation. Under the Agreement, the Company is released from any future financial obligations and will have no further liability to AMAK or the mine property. The specifics of the Agreement dated August 25, 2009.
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Arabian American Development Company is engaged in manufacturing various specialty petrochemical products and developing mineral properties in Saudi Arabia and the United States. The Company’s domestic activities are conducted through a wholly owned subsidiary, American Shield Refining Company (the Petrochemical Company), which owns all of the capital stock of Texas Oil and Chemical Co. II, Inc. (TOCCO). TOCCO owns all of the capital stock of South Hampton Resources Inc. (South Hampton), and South Hampton owns all of the capital stock of Gulf State Pipe Line Company, Inc. South Hampton owns and operates a specialty petrochemical facility near Silsbee, Texas which produces high purity petrochemical solvents and other petroleum based products. Gulf State owns and operates three pipelines, which connect the South Hampton facility to a natural gas line, to South Hampton’s truck and rail loading terminal and to a major petroleum products pipeline owned by an unaffiliated third party.
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