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NEWS BULLETIN

April 01, 1999 --- Vol. 5, No. 17April 1999

Knowles appoints cabinet-level team to review BP-ARCO merger

Gov. Tony Knowles has appointed a cabinet-level team to review the BP Amoco-ARCO merger.

"While mergers and consolidations are increasingly common as oil companies seek to be more competitive, the proposed merger of BP and ARCO could have significant impacts on Alaska jobs and families," Knowles said in an April 1 statement.

"The merger also presents an opportunity to build on the accomplishments we have made with industry over the past four years," the governor said.

"I have asked four of the top officials in my administration with expertise in oil and gas issues to review the merger proposal in detail and analyze how it will affect the state. We need to ensure that Alaska's interests are protected in any such major consolidation."

Named to the review team are Attorney General Bruce Botelho, Natural Resources Commissioner Shively.html'>John Shively, Revenue Commissioner Wilson Condon and John Katz, special counsel to the governor and director of the state's Washington, D.C., office.

Knowles said that the merger would be evaluated on four principles: It must continue to strengthen Alaska's economy through Alaska hire, use of Alaska businesses, and support of community organizations and causes; It must continue improvements for environmental protection and the safe transportation of oil; It must maintain competitive opportunities for other companies to enter the oil industry in Alaska; and, It must continue to provide a stable source of revenues to the State of Alaska.

The review team will coordinate with Legislative leadership. The review is to be structured so that concerns of individual Alaskans and businesses are heard.

Due to the proprietary nature of information expected during the review, certain aspects of it may be confidential.

The proposed merger is subject to the review and approval of the Federal Trade Commission. The federal review likely will not be completed before the end of the year.

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