Indian Officials Overstated Eagle Point Deal, Bankers Say

Indian officials who late last year heralded a move to dismantle the Eagle Point refinery and reassemble it on India's east coast were apparently way ahead of themselves, Export-Import Bank of the United States representatives told the Philadelphia Inquirer.

No financing is forthcoming from the Export-Import Bank, despite Indian news reports in November that claimed $375 million was in place to help move the refinery to Visakhapatnam, a port city on India's east coast, between Chennai and Kolkata.

“We've received no application,” Paul Cogan, a bank spokesman, told the Inquirer. “They're definitely overstating it.”

Bank officials have, however, issued a nonbinding letter to Amerind Petroleum executives indicating financing is possible.

While Sunoco is shopping the refinery for a potential sale, company officials have said there's no deal in the works.

Eagle Point was idled more than two years ago, and is approaching the second anniversary of its complete shutdown.

Meanwhile, Sunoco's tax appeals on the Eagle Point property are looming, in what new West Deptford Mayor Ray Chintall has said is one of the most serious issues township government will have to face this year.

While there are various appeals dating back to the 1980s with Eagle Point, township administrator Eric Campo has said the focus is on Sunoco’s taxes from 2004 through 2011.

In the lead-up to that court action, Campo said the township is assembling its experts and getting its legal team in place to fight the appeal.

“We’re pursuing all options,” he said previously.