~ ; Page @, The Herald, Thursday, September 13, 1979 aoe eee, re * wy \ th _HOT OFF THE _ PRESS! a! TERRACE-KITIMAT Get it all ... in the — daily herald News of your community...your country...aomestic and foreign affairs. Everybody from the housewife to the tycoon has found the pages of their newspaper affecting their daily lives. Reports on shifts and trends in the business and financial world. Money saving advertisements covering every aspect of our daily needs. Classified sections that find you employment, a home, an automobile or sell anything you wish. . Entertainment in special features, comics, and sport pages that enlighten a dull day. News as it happens, firsthand in your community, province, nation, or global affairs. Your newspaper is your best source of information. call 635-6357 | daily herald | Wednesday _ the PETROCAN pact gone ona eral group set up to study the dismantling of Petro- Canada {s scrutinizing the state oll company’s assets valued at $3.24 on. Petro-Canada's significant growth in leas than five years, has made it ihe seventh or elghth largest o! and gas producer in Canada and the largest Canadian- biggest 12 producers in the ustry. Its holdings include every- from service stations to pipelines and the Crown But for moat Canadians, unsure of exactly what Petro-Canada is, surveys, show the majority would prefer to hold on to thelr national stake in the’ busi- ness while the latest energy crunch ja studied. The Conservatives first announced their opposition to Petro-Canada 1976, Baying {t should be turned over to the private sector. But the then Liberal government set about to make the company a giant in the industry. It has grown largely on the strength of corporate takeovers. Its biggest and moat contentious acquisition was Pacifle Petroleums Ltd, purchased from U.S. parent Philips Petroleum for $1.5 billion. . If the Clark government OTTAWA (CP), — Treasury .Board President Sinclair Stevena said Clark government would likely vor elimination of a 1976 cabinet ordersvhich limited discussion of federal in- volvement in ‘an inter- national uranium cartel. But Stevens said:in an interview that he had asked LONDON (AP) — Op ng parties at the Zim- bwe Rhodesia peace talks adopted Wednesday a compromise British agenda committing the delegations to settle the question of a new constitution first, then negotiate the composition of the national army. in the African territory. The agenda agreement ended a dispute over demands by the Patriotic Front black natlonalist gu alliance that the conference tackle the ex- plosive issue of whcse forces — the front's fighters or the Sallsbury government's — will be in charge during a transition to British-granted in- dependence tor the territory. e agenda drawn up by the British chalrmany Foreign Secretary Lord Carrington, ilsts as the first item a new constitution for the breakaway British col- ony. The conference then will deal with the military issue, described in Item 2 as “‘pre- independence arrangements, including elections, ceasefire and Ottawa supports Alberta EDMONTON (CP) -- Eco- nomic Development Minister Robert de Cotret said Wednesday that the federal government recognizes that Alberta has a natural advantage to de- velop a petrochemical in- dustry and will support it. But de Cotret declined to say to what extent Ottawa would support Alberta's petrochemical industry vis- a-vis competition from Ontario and Quebec. He said the two-hour meeting he and Transport Minister Don Mazankowski had with Alberta ministers did not afford an opportunity to go into details. It was de Cotret's firat officlal meeting with Alberta Economle Development Minister Hugh Horner and Intergovernmental Affairs Minister Dick Johnaton. ‘the (our minister, who spoke to rs after resting end before the federal ministers left for British Columbia, described thesession as productive and encouraging. awned company among the . goes ahead with its-plan to sell everything but Petro- Cenada’s intereste’” in frontier developments and heavy oil and oi] sanda de- its, It is estimated the own corporation might be stripped of half its total assets. : Ed Broadbent, leader of the New Democratic Party says the move mer 15 that profitable portions xf the company will be sold hack to the already-rich in ustry while high-risk ve.itures, such aa frontier expioration, will be left for the ‘axpaye:” The first comp”, swallowed in 1976 \..+ Atlantle Richfield Canada Ltd., whose U.S. parent wanted cash to pour into an oil field near Alaska, Petro- Canada now values ita 100+ per-cent holding at #342 on. After an aborted attempt to purchase Husky Oil Ltd. Calgary, the Pacific F deal went through, bringing PetroCanada oi] rights, 4 small refinery and mote than 400 Pacific 68 service stations In Western Canada. The deal alse brought PetroCanada share in Westcoast Tran- amission, a British-Columbia based pipeline company. The company also owns 50 pet cent of Foothills Pi Yukon Ltd, part of the consortium planning the giant Alaska natural gas pipeline, Other an ee include a wget ey for & detalled memo on the order, made by the former Liberal cabinet, to see if any commitments to matntain secrecy were made to other countries. If the former Liberal government had made any promises of secrecy to other participants in the 1972 military arrangement, administrative arrangements and the maintenance of law and order during the transition period.” The agenda means, in effect, that a constitutional agreement is contingent on a military solution. Opposing parties .— guerrilla leaders Robert Mugabe and Joahua Nkomo, and Zimbabwe Rhodeala’s first black prime minister, Bishop Abel Muzorewa — now must get down to the first negotlations over Brit- ain's draft constitution for the territory’s seven million blacks and 230,000 whites. ‘The guerrillas have fought for seven years, first against the previous white-minority government, and have sworn to topple Muzorewa. They claim the present con- stitution allows the white pulation to continue its Pomaination behind a black: facade. British spokesman Nicholas Fenn said of the agenda agreement: "This is not a victory for any delegation, but a sensible arrangement for the work of the conference to proceed.” A Patriotic Front spokesman claimed a first- round victory for the guerrillas. We see this as a victory,” said Justin Nyoka, a spokesman for Mugabe. “A constitution cannot stop the war. There must be agreement on miilltary control," There waa no immediate comment irom Muzorewa. But a conference spckesman - booked | said he had accepted the commitment to discuss new military arrangements with some reluctance. Britain wanted the con- ference to focus on a new constitution because all previcus peace Initiatives, luding the last formal peace conference in Geneva, itzerland, in 1976, found- ered on the military Issue. Muzorewa maintains he was fairly elected in one- man, onevote polls last April and on Tuesday he challenged Britain to say what more it required ag a price for recognizing hia em- ttled administration and lifting 14 years of crippling + enitaln hopes the proposed ritalin 8 ] constitution will MO ae: ceptable to. the ‘ guerrillas and the world community, which has joined in em- bargoes imposed in 165 when Smith unilaterally de- clared independence from Britain to avert black rule, a 37-per-cent expe Assets surveyed - Ii-per-cent share Syn- of erude, the oll sands co- sortium shared with. Im- perial Ol, Gulf and the Alberta government, and valued at $337 million. Petro-Canada holds nine per cent of Alsands, another oil en aith develo tt pro. an estima value of $450 million. A ‘45- per-cent interest in Pan Arctic Oils Ltd, a leader in frontier exploration, {s val- ued at $108 million. ; ‘The Crown corporation bas ; a 20-per-cent share in Polar Gas Project, whdas FransCanada PipeLites. The project would pipe natural gas from the eastern Arctic to southern markets. There are other assets of more than $150 million tied mostly in joint ventures in Nocthern and offshore ex- eet , has won e com wi mira ustry has back because of the high risk and me, A $10-million research centre Petro-Canada ts building in Calgary is atlll referred to by some executives as Red Square. But ironically, the indus has for the moat part come to anada’s defence in aa continuing political controversy, . Stevens saying Clark to axe cartel order cartel, the new Progressive Conservative ernment ‘ would be bound by them, Stevens sald. An official of Gulf Oil said Tuesday in Washington that the Conservative govern- ment would be asked to kill the 1974 cabinet order which prohibits transfer of documents relating to estab- lishment of a uranium cartel in which Canadian producers were involved with com- Compromise seen ff = at Zimbabwe meet Gulf is being sued in the JS. by Westinghouse Electric Corp. for ita par- ticipation in the cartel a Canadian sub- Gulf Minerals Ltd. believes release of documents now held in Canada would help ita cane, Stevens led his party’s attack on the government over the isaue in the last session of the Commons, particularly, against the cabinet order which prohib- lted ion of the cartel. The former Liberal government admitted It took an active part in the cartels creation 1972 to ensure higher international prices for uranium to protect Canadian mines. But it said the cabinet of ensure that U.S. law did not extend into Canada. The initial cabinet order prohibited any discussion of the matter. The Con- servatives — including Stevens, Prime Minister Clark and Walter Baker, now . president of the Privy Council — challenged the order in court while in Op- position, _ me Liberal government subsequently altered the cabinet order biting discussion cal those with direct knowl- edge of the cartel. dare think it was fun mentally wrong to 28) ge oo a VETS BB cabinet order. “But I don’t imow what commitments the previous government gave to other countries,” The cartel was started energy min ster Alastair Gillespie bas said. Between 1072 and 1076, tranium prices rose to more than $40 a pound from less than #6 and the cartel arrangement was ended, It Is not clear how much the cartel was responsible for the rise since it coincided with the dramatic rise in international ofl prices that- ed up the coats of all *Meatinghoure, hich hes” es use, W! built a number of nuciéar plants in the U.S. and abroad, made long-term commllments for the supply of uranium at prices far below current levels and faces law suits for defaulting. | Tn 1975, it was estimated it would cost the company $2 billion to meet its supply commitments at the higher world prices. .