Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!tamsun.tamu.edu!mtecv2!americast.com!americast.com!usa-post From: usa-post@AmeriCast.Com Newsgroups: usa-today.energy,americast.usa-today.energy Subject: energy Wed, Aug 26 1992 Message-ID: Date: 26 Aug 92 08:21:15 GMT Organization: American Cybercasting Lines: 110 Approved: usa-post@AmeriCast.com 08-26 0000 DECISIONLINE: Energy USA TODAY Update Aug. 26, 1992 Source: USA TODAY:Gannett National Information Network ANDREW THREATENS REFINERIES: Some Gulf Coast refineries, fearing the worst of Hurricane Andrew's wrath, began shutting down operations Tuesday. Crude prices dropped 29 cents a barrel to $21.25 in early afternoon trading, as traders tried to predict possible storm damage to refineries and production facilities in the area, which contains about 40% of the refining capacity in the USA. MOBIL, CHEVRON CLOSE REFINERIES: Mobil Oil Corp. shut down its refinery in Chalmette, La., and Chevron Corp. did the same at its Port Arthur, Texas, refinery. Both companies are preparing for Hurricane Andrew, which has forced hurricane watches and warnings from Mobile, Ala., to Galveston, Texas. Mobil, Chevron and several other companies are preparing for shutdowns at other refineries along the Gulf Coast. FEDS WON'T BUY MORE CRUDE: The Energy Department said Tuesday it won't buy any more crude for the Strategic Petroleum Reserve until at least Sept. 30, when the government ends its fiscal year. The level of funding for additional SPR purchases won't be known until a national energy bill emerges from a joint congressional conference. The department claims it has exhausted financial resources. MET-LIFE RETRACTS REQUEST: Met-Life Insurance Co. of Louisiana, a wholly-owned subsidiary of Metropolitan Life Insurance Co., retracted its request Tuesday for a seat on Tesoro Petroleum Corp.'s board of directors. Met-Life's original plea was in reponse to Tesoro Petroleum's failure to pay dividends on its preferred stock for at least six quarters. Tesoro is an oil and gas exploration and refining company. N.E. ELECTRIC LOSES IN RULING: New England Electric System announced Tuesday that it received an adverse Federal District Court decision in a lawsuit involving the allocation of costs for cleanup of manufactured gas waste in property located in Lynn, Mass. NEES formerly owned subsidiaries that were engaged in the gas business in Lynn and other locations. NEES and one of its subsidiaries are liable for cleanup. HARCOR INVESTS IN JEFFERSON: HarCor Energy Inc. announced Tuesday that it had invested $500,000 to acquire 3% of the outstanding shares of Jefferson Gas Systems Inc. Jefferson is a privately held enterprise formed to participate in the non-regulated natural gas:electric market. Jefferson invests through partnerships along the value chain from wells to power plants and cogeneration facilities. READING & BATES RECEIVES REFUND: Offshore drilling company Reading & Bates Corp. announced Tuesday the Internal Revenue Service has completed an examination, resulting in a $14.2 million cash refund of tax and accumulated interest. The company's third-quarter results will include interest income and tax benefits of $12.5 million. ADVANCED ROSS BRANCHES OUT: Advanced Ross, branching out from the environmental services business, said Tuesday it signed a letter of intent to acquire a closely-held European financial services company for $29.2 million in cash. Advanced Ross, which makes pollution control products, said it expects to finance half of the proposed acquisition of Europe Tax-Free Shopping AB with foreign debt. THAILAND BUYS CRUDE: The Petroleum Authority of Thailand bought 650,000 barrels of Kuwait crude and 500,000 barrels of Australian Harriet crude for September loading in a tender which officially closed Aug. 19, oil traders said Tuesday. The Kuwait crude cargo will be supplied by Kuwait Petroleum Co. at near the official price, which traders said is Arab Medium less 10 cents per barrel. RUSSIAN OIL MARKET CORRUPTED: Russian officials and oil managers have taken more than $100 million in bribes for irregular exports of the country's most precious natural resource in the first half of this year, anti-corruption officials said Tuesday. The Interior Ministry's economic crime department said new-style trading companies were paying bribes of $2 per ton of oil for unlicensed export. CRUDE FUTURES SINK: Oil prices declined again Tuesday from sharp gains posted the day before as fears receded at the New York Mercantile Exchange that Hurricane Andrew would cause long-term damage to Gulf Coast oil interests. October futures for crude oil sank 39 cents to $21.15 a barrel, Monday's gain was 46 cents. SEPTEMBER OIL AND GAS DIPS: September futures for unleaded gasoline dropped 0.60 of a cent to 62.13 cents a gallon at the New York Mercantile Exchange Tuesday. September heating oil futures fell 1.08 cents to 58.23 cents a gallon. The drops were attributed to decreasing fears that Hurricane Andrew would hurt Gulf Coast interests over a long period of time. Energy Editor: Martin Baucom. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. 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