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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 11, 1975, Lethbridge, Alberta Tuwday, Fobruary 11, 1975 THE I.ETHBRIDGE HERALD 9 Analysts views on financing of Syncrude mixed By THE CANADIAN PRESS The financing agree- ment reached last week on the Syncrude Canada Ltd. oil sands project has brought mixed views from analysts on shares of two partners in the consortium. The federal government, Ontario and Alberta pumped million into the pro- ject for a combined interest of 30 per cent. Imperial Oil Ltd. is committed to a 31.25- per-cent interest for million and Gulf Oil Canada a 16.75-per-cent interest for million. The two companies' shares are listed on Canadian exchanges while the third corpo- rate partner, Canada- Cities Services Ltd. is a wholly-owned U.S. sub- sidiary. 'Douglas Weber of Burns Bros, and Denton Ltd. of Toronto said the Syncrude project is "such a long drawn-out thing" that he doubts it will have much effect on the companies' shares. "It is no great boon to them, but it is not a drag either." Mr. Weber said he favors oil company shares in general but worries that the heavy investments in Syncrude may com- promise the companies' investment in frontier exploration. Imperial Oil has said frontier exploration programs would not be affected significantly because they are laid out two years in ad- vance. K. L. Slater of Wood Gundy Ltd. of Toronto said the Syncrude agreement should be "generally favorable" for the participating companies. "For one thing, they avoid any extraordinary windup costs. Imperial would have been liable for about million." Mr. Slater said that while Syncrude would not provide any "ear- nings bonanza" for its owners, its production would helf> offset their declining reserves of conventional crude oil. "I don't think the amounts of money in- volved are that major when they are stacked up against the financial position and cash flows of-the companies." The Mackenzie River delta exploration area still looks more attrac- tive, he said, "but com- panies like Imperial and Gulf cannot afford not to be in the sands." Frank Ricciuti of McLeod, Young Weir and Co. Ltd. said he worries about the higher costs the com- panies face on borrowed capital. "Between now and 1979, before the project comes on stream, "the companies will face higher interest costs but their production base will be declining. "And at the same may be in the midst of financing a Mackenzie valley pipeline, which will mean that much more borrowing. "You almost have to say that if Imperial is going to do Syncrude, it may have to farm out some of its interests in the Mackenzie Delta." Paul F. Karihtala of Mead and Co. Ltd. of Toronto said "the Syncrude financing will probably have somewhat negative im- plications over the near term because the com- panies will have to raise so much money." However, he says he is more optimistic about the long-term im- plications and doesn't see oil prices in 1979 be- ing so depressed that the Syncrude's produc- tion would be un- economical. Report suggests 10-year contract for stock raising OKANAGAN FALLS, B.C. (CP) Replacement of graz- ing permits and leases with 10-year stock raising contracts would make ranchers feel they can par- ticipate more in range management, says the presi- dent of the British Columbia Cattlemen's Association. Morris Thomas of Okanagan Falls, says the recommendation, included in ,a recently released con- sultant's report on ad- ministration of ranges, has the association's support. He said ranchers are reluc- tant to invest much time and effort in rangeland on which they have permits for only one year at a time. The report recommended that the existing traditional system of permits and leases for cattle'be replaced with 10- year contracts negotiated with cattle ranchers and other domestic stock farmers and based on range management plans. Under the present system, leases generally run 10 to 21 years and are under the control of the department of lands. Under the other type of rental system, permits are renewable yearly and are un- der the grazing division of the forest service. Mr. Thomas said the recommended 10-year contract system would allow for good management and planning. The consultant's report also recommended establishment of a special range unit which would have jurisdiction over forage for both domestic stock and wildlife. It would be responsible for management planning, inventory, improve- ment and regulation. The report said the range unit should either remain in the forest service as a special branch or move into the land service. The unit's head- quarters and its supervisors in each region should have the power to make policy decisions, the report recommended. New tower for Calgary CALGARY (CP) A Toronto-based development Company announced Monday a 33-storey office tower to be built on the pre- sent site of Caravan Hotel in downtown Calgary. Albert Reichmann, presi- dent of Olympia and York Developments Ltd., told a news conference that construction of the tower is expected to begin in the spring with completion scheduled in 18 months. He said the project would be the company's first in western Canada and is part of its national expansion program. CORRECTION In the advertisement of ALL STAR SPORTS SHOP that appeared in Herald page 11 the effective datet should have read February 11-22 and not February 11-12 at appeared. home centre 97 EACH 36 do-it-yourself 'eeorating specials Everything you need to make it on your own IfUl Norglo Fireplace F-5 model. Looks authentic but actually plugs in. Heat element' with fan and thermostat 32" W x 55" H x 15" D. Available in black, orange or red. Cork Tiles a i What a neat easy way to decor ate a wall. 12" x 12" tiles come 4 to a pkg. Self-Adhesive pkg.. Add a Feature Wall Mirror Tiles 12" x 12" mirror tile add a new dimension to your room. Lightweight Z-Brick thick RED Brick. Pack- age covers approx. 8 sq. ft. Shelving Rustic, hand hewn look of early pioneer days. U STOCK STAINLESS STEEL Bar Sink complete with strainer. Pre-finished Wall Panels Spruce Studs Perfect construction material for framing in rec room walls. Simulated woodgrain panels enhance the decor of any room. Economy Grade ea. 1" x 3" Spruce Strapping VALLEY BIRCH NORTHERN OAK LAURENTIAN OAK Economical construction ma- Deacon's Bench Handy storage under the seat. high. Unassembled. Ready to finish. Beaver Salincote Ceiling Tiles Tongue and grooved for easy installation. 64 sq. ft. per ctn. Available in or 99 CTN. 11 Ready to Finish Cafe Doors Separate your kitchen from the eating areas in this unique way. 32" wide A 36" ataW PAIR StyroFoam Insulation These 4' x 8' sheets with 3A" thicknesses are easy to apply. 397 SHEET DISCONTINUED Place 'n' Press Floor Tiles Simply peel off backing and press into place. 12" jc 12" size. 289 9 TILE PKG. CUSHIONED VINYL FLOORING Roman or Florentine. 12 ft. wide. SQ. YD. FREEWAY CARPET Needle bonded, 100% polypropy- lene cushion back. Practical and economical, 4 colors. 12 ft. widths. 299 Carpet >er bai npus i is. 499 SQ. YD. Colortones Foam rubber backed indoor car- pet for rumpus rooms. 2 colors 12 ft. widths. SQ. YD. 17th St. and 3rd Ave. S., Lethbridge Shop to Daily-Open til 9 Thursday 328-4461 or 328-4462 Sale Ends Saturday, February We RESERVE THE RIGHT TO LIMIT QUANTITIES. home centre ;