Petrocan venture hit by another delay as vessel's engines flooded

Article Abstract:

Calgary, Alb.-based Petro-Canada Inc. reported that its Terra Nova oil tanker was severely damaged during a sea trial near South Korea. The $220 million vessel, which lost three out of five engines in the incident, has delayed Petro-Canada $2.2 billion joint venture by four months.

Deep sea foreign trans. of freight, Deep Sea Freight Transportation, Oil Tankers, South Korea, Joint ventures, Accidents, Shipping industry, Tankers (Ships)

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Stanford surprises oil patch by quitting Petrocan

Article Abstract:

James Stanford resigns from the chairman position of Petro-Canada after only five months, and is replaced by Brian MacNeill.

Executive changes & profiles, Officials and employees, Appointments, resignations and dismissals, Stanford, James

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Petrocan-UDS pact raises 'serious concerns.'

Article Abstract:

Ultramar Diamond Shamrock Corp.'s planned joint venture with Calgary, Canada-based Petro-Canada has raised serious concerns from the Competition Bureau regarding corporate focus at the gasoline pumps. San Antonio, TX-based Ultramar and Petro-Canada have been requested by the federal bureau to present additional data for the bureau's perusal. This move of the Competition Bureau would mean a delay of a minimum several more months to the proposed joint venture, which was slated to be established by the end of June 1998.

Comment:

Its planned joint venture with Ultramar Diamond Shamrock Corp of US has raised serious concerns from the Competition Bureau

Petroleum Refineries, Texas, Gasoline, Ultramar Diamond Shamrock Corp., Article

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