Finance/Companies news briefs, Dec. 10
ICO ... Rod Services of Canada ... TRC Rod Services of the Rockies ... Tyumen Oil ... Naftna Industria Serbia ... Gastar Exploration ... Dynegy Canada ... Tidal Energy Marketing ... Unocal ... PTT ... Amata
ICO Inc., Houston, has acquired the assets of two sucker rod reclamation businesses: Rod Services of Canada Ltd., Red Deer, Alta., and TRC Rod Services of the Rockies Inc., Casper, Wyo. Terms of the all-cash deal were not disclosed.
Russian group Tyumen Oil Co. signed an agreement to supply 660,000 tonnes of oil over 6 months to Yugoslav state-owned company Naftna Industria Serbia. Tyumen will start supplying the oil in January. The contract contains an option to make further deliveries through the end of 2002.
Gastar Exploration Ltd., Mount Pleasant, Mich., plans a private placement of convertible notes worth $10 million.
Dynegy Canada Inc. is buying 50% of Tidal Energy Marketing Inc., Calgary, which provides marketing services to oil and gas production companies and is a marketing agent for Alberta. Effective Jan. 2, Conoco Canada Inc. is selling its 50% share to Enbridge Inc., which then will sell it to Dynegy for an undisclosed amount. Enbridge Inc. will continue to own the other half of Tidal.
Unocal Corp. has formed a partnership with PTT PLC, the partially privatized Thai oil and gas enterprise, and industrial park operator Amata Corp., to create a 160-million-baht ($3.63 million) joint venture firm to distribute natural gas at two industrial sites on the eastern coast.