Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Tue, Feb 18 1992 Date: Tue, 18 Feb 92 06:36:31 EST Message-ID: DECISIONLINE: Energy USA TODAY Update Feb. 18, 1992 Source: USA TODAY:Gannett National Information Network PRICES FALL ON OPEC AGREEMENT: Oil prices declined Monday in London after OPEC agreed over the weekend to cut its daily production. The price of North Sea Brent crude tumbled 88 cents to $17.55 a 42-gallon barrel. U.S. markets were closed Monday in observance of President's Day. Traders were disappointed with the plan to trim daily output to 23 million barrels a day and expected it to have little effect on prices. PROVISION WILL CHANGE LICENSING: Folks concerned about the safety of a nuclear plant won't be able to delay its operation - as they have done in the past - under provisions of an energy bill the Senate is expected to pass this week. Currently, a utility must get a construction permit from the Nuclear Regulatory Commission to build a new reactor, then must come back and get an operating permit after the plant is built. (For more, see special Licensing package below.) FINA TALKING WITH SAUDI FIRM: Fina, the U.S. subsidiary of Belgium's Petrofina, is negotiating the formation of a joint venture with Arabian Petroleum. The deal could be worth more than $1 billion. If it goes through, it would enable Petrofina to sell part of a unit which has had disappointing profits in recent years, and secure a long-term supply contract for crude oil from Saudi Aramco, Saudi Arabia's national oil company. TALKS MORE THAN TWO YEARS OLD: Fina said Monday that it had been in negotiations with Arabian Petroleum for more than two years. It said Delta International would own Fina's downstream assets under the joint venture, but Fina itself would remain the operator. Dallas-based Fina owns two refineries in Texas with capacity of 210,000 barrels a day. It also owns around 3,000 service stations in the USA. PHILLIPS' RESERVES DOWN: Phillips Petroleum Co. said Monday that it replaced 64.4% of its 1991 worldwide hydrocarbon production on a barrel of oil equivalent basis. However, the 1991 reserves replacement figure was negatively impacted by 25.1% due to sales of reserves in place. On a BOE basis, Phillips proved reserves base decreased to 2 billion BOE, a % decrease for 1991 compared to the 1990 base year. ASHLAND UNIT, UNOCAL INK DEAL: Ashland Oil Inc. said Monday that its subsidiary, Ashland Chemical Inc., has signed a definitive agreement to acquire most of Unocal Corp.'s chemical distribution business for $90 million. The acquisition is scheduled to close Feb. 28. Unocal's chemical business involves the distribution of a wide range of chemicals, hydrocarbon solvents and specialty ingredients. PROBE INTO TAX LEVY BEGUN: The Public Service Commission should determine if PEPCO and District of Columbia Natural Gas are overcharging residents, an official with the D.C. People's Counsel said Monday. The official said the utilities appear to be levying more gross receipts taxes than permitted. A PSC lawyer said a probe has begun. PEPCO denies the charges. SPILL'S ROUTE BEING TRACED: The 2,100-gallon waste oil leak that spilled into Indianapolis' Oil Creek from a Marathon Oil Co. refinery over weekend should be cleaned up by Sunday, the company said Monday. The spill traveled four miles downstream. Marathon Oil is tracing the route of spill to prevent a repeat occurrence. BPA TO ANNOUNCE CRIME PROGRAM: The Bonneville Power Administration is introducing a new citizen hotline and reward program to reporters of crimes or suspicious activities. Theft and vandalism of power substations and equipment cost BPA between $500,000 and $1 million each year. A news conference to announce the crime prevention program will be held on Wednesday in Hillsboro, Ore. SPECIAL PACKAGE ON LICENSING: CONCERNS MUST BE RAISED EARLIER: Citizens and local governments have been able to seek hearings on safety concerns after construction and before operation of a new nuclear plant. But the Senate energy bill would let the NRC award a combined construction and operating permit before building began and after public hearings. Post-construction hearings would not be allowed on any issues not raised before building began. INDUSTRY LIKES STREAMLINING: The nuclear power industry says that without streamlined licensing, utilities and their financial sources won't risk building new plants that can be stopped before they begin operating. Environmentalists and citizen activists say the change threatens safety. Gary Wald of Commonwealth Edison in Chicago, said the industry isn't trying to build without worrying about safety. SHOREHAM HAUNTS INDUSTRY: The nuclear power industry is haunted by the ghost of New York's Shoreham nuclear plant that was built but has never opened because of safety concerns. Tim Smith of the American Nuclear Energy Council, said that having a plant stand idle has a chilling effect on the industry. Building a $4 billion to $5 billion plant without a guarantee that it will open is a tremendous risk, Wald said. HOUSE ACTION UNCERTAIN: While it appears a done deal that the Senate will pass one-step licensing, its future in the House is uncertain. The House energy and power subcommittee has written energy legislation that does not change the process. However, proposals to streamline licensing are expected when the bill is debated by the full Energy Committee this year. (End of package) Energy Editor: William Snoddy. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. 08:0002180000D0218 HEAL-R P Low-fat-diet,-walks-cut-risks......... A D0218 This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM