Phillips sells share of Cook Inlet Pipe Line Co.

Kristen Nelson, PNA editor-in-chief

Forest Oil Corp., Phillips Petroleum Co. and Union Oil Co. of California have notified the Regulatory Commission of Alaska that Phillips is selling its 20 percent stock ownership in the Cook Inlet Pipeline Co. in equal amounts to Forest and Unocal, pursuant to a first right of refusal clause in the pipeline shareholders agreement.

The companies told the commission June 20 that they do not believe commission approval is required, but if it is, they would like to have it no later than July 31 because the pipeline’s annual stockholder meeting is in August, and resolution of the matter by the commission by the end of July would resolve the voting shares for the August meeting.

The filing with the commission was a notice of stock transfer, or in the alternative, an application for approval of the sale of Phillips’ stock.

Cook Inlet Pipe Line operates 42 miles of 20-inch diameter pipeline on the west side of Cook Inlet transporting crude oil. Phillips has no oil production in Cook Inlet. It produces natural gas from the Tyonek platform and at the Beluga River field on the west side.