During the years of 1987/1988, Mr. Arnold began a transaction that would allow the expansion of PETRACO VALLEY OIL & REFINING capability in the U.S. Gulf Coast to grow from 25,000 barrels per day of petroleum refining to over 100,000 barrels per day capability.

The process of acquisition of the assets of Independent Refining Company’s Winnie, Texas and Port Neches, Texas, began and went to contract. The crude supply and profit stream that would support the acquisition was a long term contract with Sonangol, the National Oil Company of Angola.

We had received our first letter of credit from French American Bank in New York and reissued through BNP, Geneva, our letter of credit to Paribas in Lisbon, Portugal in favor of Sun Angol. Our tanker was actually at the Port of Cabinda with the port clearance codes to load. We were stopped to due a conflict of Politics with the U.S. Government and the Angolan Government. Trading continued with markets opening in Russia, Poland, China, Republic of Benin, Venezuela, and Mexico.