Word: consortium
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Dates: during 1970-1979
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...companies are the biggest losers. They have invested $1.5 billion on the North Slope. Because the oil has not yet begun to flow out, the companies are losing $300 million to $400 million in annual revenues. Complains Ed Patton, president of Alyeska Pipeline, an oil-company consortium: "The costs are increasing dramatically each month. The interest alone on our investment runs to some $90 million annually." Moreover, the final cost of the pipeline may well be double the original estimate and hit $2 billion, owing to inflation and some highly complex engineering difficulties...
...that few can match. Because he pays top dollar, places orders in such great quantity and has cultivated close ties with owners of Japanese shipyards, he usually manages to obtain space. Last week he announced his latest deal-six supertankers totaling 1.5 million tons to be built by a consortium of five Japanese shipyards. The price: $180 million. Even the Japanese, who build nearly 50% of the world's new merchant tonnage, have been blinking at such gargantuan orders...
...trustees told the U.S. Department of Transportation that the bankrupt company would benefit more from the $21.3 million in annual rental income that the parcels produce than from selling the land. Only two weeks ago, in the course of announcing the transfer of a subsidiary named Pennco to a consortium of 53 banks in return for cancellation of a $300 million debt, the trustees reaffirmed their opposition to the sale of the Manhattan properties...
...plants that spew soot and noxious gases, discharge hot water and spawn unsightly transmission lines. As a result, the area's electric utilities decided to build new plants as far away from people as possible-in the desert shared by Arizona, Utah, Nevada and New Mexico. Eventually, a consortium of 23 public and private organizations in seven states were involved in planning the distribution of energy from what will be the second largest power project in U.S. history. When completed, at least six huge coal-fired plants* will produce 14 million kilowatts of electricity-slightly less than the Tennessee...
...power consortium's position was clear: its main task is to provide inexpensive energy. William P. Reilly, president of the Arizona Public Service Co., argued that making electrical appliances creates employment as well as demand for electricity. "The primary thing we need is jobs," he said. "That's how people get what they need to live." Howard P. Allen, vice president of the Southern California Edison Co., added that electric energy runs sewage pumps, mass transit and junk compressors: "The inescapable conclusion from these facts is that more, not less electricity will be needed...