This Week in Alaska Business History November 18, 2001

GRAPHIC/Courtesy Peratrovich, Nottingham & Drage Inc.
Editor’s note: "This Week in Alaska Business History" revisits events that shaped our past.

"Those who cannot
remember the past are
condemned to repeat it."
-- George Santayana, 1863-1952

20 years ago this week

Anchorage Times

Nov. 18, 1981

Dow-Shell officials say report is thorough

By Dave Carpenter

Times Writer

A top executive of the Dow-Shell Group said the consortium provided "much more" information than the state required in its report on the feasibility of petrochemical development in Alaska.

John Hall of Shell Chemical Co. said the nine-company group did not pick a preferred site or make other final decisions because it determined that an industry is not currently feasible in the state. Hall was study manager for the $3.5 million feasibility project, which was solicited by the state but not state funded.

Hall’s comments in a telephone interview from Houston followed the release of a state review containing agencies’ criticism of the Dow-Shell report as incomplete and too general.

Three state agency heads said the consortium failed to meet conditions of a memorandum of understanding and intent signed in summer 1980 by representatives of the Hammond administration and Dow-Shell.

Anchorage Times

Nov. 19, 1981

Gas line clears Senate hurdle

By Betty Mills

Times Washington Bureau

Washington -- The Senate overwhelmingly approved the gas line waiver package today, leaving the fate of the multibillion dollar pipeline in the hands of the House of Representatives.

By a vote of 75-19, the Senate approved the waivers needed to ease private financing of the 4,800-mile gas pipeline project. A key vote was scheduled later today in the House Energy and Commerce Committee, where the margin was expected to be close.

The waivers were submitted by President Reagan last month and must be approved by Congress by mid-December to take effect. The waivers allow the North Slope producers to participate in the project, include a gas conditioning plant in the total price tag and provide for consumers in the Lower 48 states to be billed before gas starts to flow.

The Senate action followed an hour-long debate that was sometimes acrimonious, as Ohio Democrat Howard Metzenbaum blasted the waiver package as "evil."

... An angry Sen. Ted Stevens, R-Alaska, said: "I know of nothing evil here. I personally take umbrage at the wording he used. This is not an evil project."

10 years ago this week

Alaska Journal of Commerce

Nov. 18, 1991

Permanent Fund profit tops $1 billion -- on paper

By Ray Tyson

Alaska Journal of Commerce

Propelled by one of the strongest quarterly performances on record, the Alaska Permanent Fund has exceeded $1 billion in paper profits for only the third time in its 15-year history.

But the corporation that overseas Alaska’s nest egg has yet to decide whether to cash in and reinvest or ride the market for a while.

"We have the problem of where to put it because nothing out there is cheap now," said Jim Kelly, the fund’s research and liaison officer.

As of Sept. 30, the market value of Alaska’s nest egg was pegged at $12.77 billion on investments of $11.71 billion, a $1.05 billion paper profit or "unrealized gain" attributed largely to a superior performance in the bond market during the first quarter of the current fiscal year, compared with the same July-September period last year when Iraq invaded Kuwait, and it sent jitters through the world’s financial markets.

Alaska Journal of Commerce

Nov. 18, 1991

Seward boat harbor plan will get closer look

By Tim Moffatt

For the Alaska Journal of Commerce

Plans for the private development of a $15 million, 1,000-slip small boat harbor in Seward aroused a furor last week as a proposal that has been kicking around for months finally got official recognition.

In a sometimes fiery special session called by newly elected Mayor Don Cripps, the City Council approved a resolution directing the administration to negotiate with Afognak Logging Co. over plans to develop the harbor on the east side of Resurrection Bay, across from Seward.

Council members split over a minor amendment to the resolution setting the time limit for negotiations. But the real issues that seethed behind it turned the session into a noisy affair, with Council members accusing the city administration of lobbying for projects without approval.

In the end, the Council voted 4-3 to give the city 90 days to complete work with Afognak on a plan for the development.

-- Compiled by Ed Bennett.

11/18/2001 - 8:00pm