Business Briefs

Posted: Thursday, March 15, 2001

Charter boat insurance explained

A pamphlet on buying insurance for charter vessels is available from the University of Alaska Fairbanks Sea Grant program.

Maritime law makes the master of a vessel responsible for damages due to negligence. Author Terry Johnson explains how vessel insurance businesses are set up and encourages owners to work with insurance companies that have charter experience. He explains how to pick an agent, policy and coverage. For copies, call (888)789-0090 toll free. Single copies are free. Multiple copies cost 35 cents each.

Pipeline right of way renewal application expected

The original right of way for the Trans-Alaska Pipeline, which carries North Slope crude oil to the tanker terminal in Valdez, expires in January 2004. The Bureau of Land Management said that once Alyeska Pipeline Service Co. applies to renew the right of way, an environmental impact statement probably will be required.

BLM said it expects to seek comments on the right of way renewal application from Alaska Natives, industry, environmentalists and local governments. The right of way is jointly managed by the state and federal governments.

HEA investigates power outages

Homer Electric Association is investigating the cause of a Monday power outage that briefly left 1,000 Homer customers in the dark and caused outages in other areas throughout the railbelt. Utility workers traced the problem to a relay failure at a Nikiski substation.

Homer promotes boat repair industry

The Marine Trades Committee of the Homer Chamber of Commerce offers a free "Boat Owners Guide to Homer" that lists reasons for having boat work done in Homer. It has lists of port and harbor facilities and services, harbor rules, boating safety tips and the names of more than 60 business and the services they offer. For free copies, call the chamber at 235-7740 or visit the office at 201 Sterling Highway. Copies also are available from the Homer harbormaster's office.

Homer chamber plans trade show booths

The Homer Chamber of Commerce plans to sponsor a booth at the Great Alaska Sportsman Show April 5-8 at the Sullivan Arena in Anchorage. The show draws about 20,000 visitors annually. The chamber expects more than 7,000 visitors to its booth, which will market Homer as a destination. The chamber seeks volunteers to help run the booth. Volunteers will receive free passes to the show.

The chamber also plans a booth at the Fairbanks Outdoors Show April 20-22 and a booth at the Soldotna Recreation Show on April 27-29. For information, call the Homer chamber at 235-7740.

Alaska USA Trust Co. opens Web site

USA Trust Co., a subsidiary of Alaska USA Federal Credit Union, has opened a Web site at offering an overview of mutual fund investment options and a guide to opening traditional, Roth or rollover IRAs. The site also offers mutual fund performance and investment information and asset allocation questionnaires.

Cross Timbers boosts reserves

Cross Timbers Oil Co. said independent petroleum engineers estimated its proved oil and gas reserves on Dec. 31 at 2.25 trillion cubic feet of gas natural gas equivalent, up 11 percent from Dec. 31, 1999.

The year-end numbers do not include 2001 acquisitions, mainly in east Texas. This year, Cross Timbers has acquired 240 billion cubic feet equivalent for $167 million during 2001, bringing year-end reserves to 2.5 trillion cubic feet equivalent. During 2000, Cross Timbers added 491 billion cubic feet equivalent at a cost of $0.41 per thousand cubic feet of gas equivalent, replacing 300 percent of production. Managers have set goals to have proved reserves of 2.6 trillion cubic feet by the end of 2001 and of 3 trillion cubic feet by the end of 2002.

Phillips would issue shares for Tosco acquisition

Phillips Petroleum Co. plans an April 11 shareholder meeting in Bartlesville, Okla., to seek shareholder approval for the issue of roughly 123 million new shares to facilitate its proposed acquisition of Tosco Corp. Phillips also will ask shareholders to increase the number of authorized shares from 500 million to 1 billion. Tosco shareholders are to vote on the transaction one hour before Phillips' shareholders meet.

Chugach Electric sells Internet business

Chugach Electric Association has agreed to sell its Internet business to General Communication Inc. for an undisclosed price. Subscribers will not need to change their e-mail addresses for at least two years, and GCI will honor pricing plans for a year, Chugach said. The phone number for technical help will not change for at least four months.

Chugach began offering Internet service in 1999. It has since bought several smaller Internet service providers and now provides service to about 4,000 dial-up customers under numerous domain names.

--Clarion staff reports

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