Word: socal
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...compromise reached two weeks ago, Sohio agreed to pay $78 million for construction, operation and maintenance of the SoCal scrubber for 15 years, after which it becomes the utility's problem. If the deal survives other hurdles, including a November referendum in Long Beach on the city's proposal to lease space to Sohio for its terminal, work on the project could begin early next year. Even if it does, the pipeline will still not be ready to start pumping oil to those Texas refineries before...
...commission noted, the deal was negotiated out of desperation by Southern California Gas Co. (SoCal Gas), which is urgently searching for new sources to supplement its dwindling supplies. Beginning probably in October and continuing through 1982, SoCal Gas will levy a 50? monthly surcharge on the average household; the bite could rise to $2.50. Industrial users, of course, will pay much more-depending on the amount of gas they consume. The utility will periodically turn over the proceeds, which ultimately will amount to $313 million, to Atlantic Richfield Co. (Arco), the nation's ninth largest petroleum company. Arco will...
...contrast, SoCal Gas will pay tax at the full 48% corporate rate on the money it receives by levying the surcharge. Thus, in order to get $313 million to pay to Arco, SoCal Gas will have to collect some $600 million from customers. In the unlikely event that the deal falls through, Arco would refund the SoCal Gas advances plus 7% interest. Then SoCal Gas would return the Arco refund to the consumers. The IRS would rebate the income taxes paid on the money raised for the Arco advance, so the consumers would get back the full $600 million...
...bill in the California legislature that would set special low rates for both individual and industrial customers who use minimal amounts of gas. An effort is also under way in the legislature to enact an involved scheme under which taxes would be eliminated on the surcharge levied by SoCal Gas on consumers, so that SoCal Gas would not have to collect almost $2 for every $1 to be advanced to Arco. Nonetheless, the SoCal Gas-Arco deal reflects some hard realities: 1) the nation currently faces a severe shortage of natural gas-supplies this winter, in fact, are expected...
Aramco neither ships nor markets oil. Those jobs are left to its five owners. Four are major, competing U.S. companies - SoCal, Texaco and Exxon, each of which has a 22.5% interest, and Mobil, which owns a 7.5% share. The fifth partner is the Saudi government, which bought a 25% share for more than $500 million in 1972 under a "participation" agreement that will turn 51% of Aramco over to the Saudis...