National Post from Toronto, Ontario, Canada • 16

The Financial Post March 31, 1979 16 IMMEDIATE miLiiiJLi BELOW IN VARIOUS SPECS WRITE STRUCTURALS FOR SHEET, HR PIOCR GALV BOOKLET PLATE PIPE Just enough refined oil supplies But unrationed gasoline may lure U.S. tourists EXPANDED METALS GRATING AT Major Commercial Industrial Developer seeks Financial Joint Venture Partner for Projects to be Built in California Texas $500,000 $5,000,000 Equity Per Project Office Buildings Principals Only: Industrial Projects P.O. Box 17393 Shopping Centers Irvine, California 92713 DRILL ROD THREADED ROD ALUMINUM REBAR MESH RAIL TA TVI j. IV i I 60 DISCO ROAD REX DALE 0NTAR.0 1416) mo By Patricia Anderson WHILE THE U.S. sees contingency plans for rationing refined oil products being revved up because of the crushing impact of cutbacks in Iran, Canadians can be reasonably assured the supply of refined products will meet demand well into the summer.

Refiners in Eastern Canada, where the cutbacks in crude supplies upset delivery logistics, say supplies will be tight all year but contracts will be honored. This may still leave some refined product wholesalers short, as some just contract to partially cover their forecast requirements, planning to pick up the difference on the spot market, ideally at distress prices. World spot prices for refined products are "sky high," according to one independent distributor in southwestern Ontario. But many wholesalers had lost the habit of buying on the spot markets following the 197374 crude supply crisis. The high price of refined products on world spot markets makes Ottawa's announcement early in March of removal of the $1.50 a barrel differential between refined and crude oil for the import compensation program, largely a moral victory for independent wholesalers of refined products.

Losing market share world price for oil. Saudi Arabia was reported to be trying to moderate the 20-plus price increases wanted by some members. And the increase will likely be to 50-S16 a barrel, up from the scheduled April 1. Iranian cutbacks hit Eastern refineries as they were already working down inventories because of high finance charges involved in keeping them up. Inventories for some products are now well below those of a year ago.

Ironically, refiners are also still plagued by chronic overcapacity. In a sense, troubles in securing sufficient crude supplies to meet demand for refined products has hastened the turnaround in refining margins many analysts were expecting to see early in 1979. "We have reasonable inventories of gasoline now, although they are lower than normal," says Nick Van Sons, vice-president of logistics for Montreal-based Petrofina Canada Ltd. The National Energy Board's forecasted inventory levels until the end of February, show supplies of motor gasoline at about 85 of levels a year ago. Refiners' inventories of gasoline peak at about the March school break in anticipation of high summer demand.

Although he doesn't deal in gasoline, Tom Kaneb, general manager of Cornwall-based Universal Terminals suggests there may be a slight shortage of unleaded gasolines sometime in the summer because demand has grown rapidly. Many refineries are not geared up for unleaded gas production. Don McBean, director of supply and distribution at Sunoco a subsidiary of Sun Oil says he is not expecting a summer shortage of gasoline. But he warns there may be hidden demand from U.S. tourists lured to Canada both by an extra 15 on the and the prospect of gasoline rationing in the U.S.

"In the summer, gas will be tight," he says. "Customers won't notice it, there won't be rationing, but there won't be an oversupply or price wars either." Refiners also say supplies of jet fuel, although enough to cover contracted volumes, would be stretched too thin should foreign airlines, for example, be encouraged to fill up in Canada. "We won't let people go over their contracts, but there are no allocations and contractual obligations are being met," Petrofina's Van Sons says. Home heating fuel The supply story for home heating fuel continues to be tight, although last month's shortages in Quebec are over. The impact of crude supply shortages hit hardest on refiners in Quebec.

Inventories were extremely low, partly because of government-endorsed exports of heating oil in November and December, when a harsh cold spell hit Quebec in February. Refinery problems at two major plants compounded the problem. Major refiners, worried by dwindling reserves, began allocating supplies. Five trainloads of heating fuel were shipped to Quebec by Petrosar Ltd. in Sarnia to help alleviate the shortage.

But when the cold snap ended in early March, followed by warm weather, suppliers ended allocation plans, which were expensive for them because it meant making more deliveries than necessary. "We survivied by changes in logistics," says Alan Seager, general manager, oil marketing, for Shell Canada Ltd. "And we are just coming out of it now. "But there is no parallel between what is happening in Canada and what is happening in the U.S., although you can't have a situation there without some impact in Canada." The five-year campaign for removal by the independents, who are losing market share in the marketing and distribution of refined products to the major integrated oil companies, began because the tariff effectively left the independents with a single source of supply the major refiners. Of course, the supply outlook for refined products depends on whether crude supplies will be available.

Opec members were huddled in Geneva at the beginning of the week to determine a new Morris and Mackenzie clients feel secure. They're safe in the knowledge that they're dealing with a highly motivated and skilled group of specialists in the complex field of insurance. With a corporate belief in the strength of our free enterprise system. And an individual belief in the importance of each and every client. If you haven't done business with Morris and Mackenzie, give us a call.

Because your insurance problems and our specialized knowledge make a good match. TL MORRIS MACKENZIE LIMITED Top score for Grey Cup Nov. 12, 48 of Calgary's TV audience was tuned into the NFL game. However, it's apparent from Bureau of Broadcast Measurement ratings that when the CFL and the NFL are head-to-head in the same time slot, the Canadian game is preferred significantly. The Winnipeg-at-Calgary game that was blacked out in Calgary drew 81 of the viewing audience in Winnipeg, with only 11 of the viewers watching the NFL play.

In Montreal, 44 of TV watchers tuned in the Western Conference CFL game, while only 10 saw NFL games. For the Eastern final in Ottawa, Montreal showed a 73-5 preference for the CFL over the NFL. the viewers vs the NFL's 8. In Regina, the proportion was 96-l in favor of the Grey Cup over the NFL. It was 95-l in Calgary, 92-l in Montreal, 90-1 in Winnipeg, 90-3 in Ottawa, 86-2 in Halifax, 81-1 in Hamilton and 80-l in Toronto.

This doesn't reflect a lack of interest by Canadians in NFL football. For instance, when the Western Conference semifinal CFL game in Calgary was blacked out in that city on By Jamie Wayne FOOTBALL'S Grey Cup game is the top single sports attraction for Canada's television viewers, according to recently released Neilsen ratings. The Canadian Football League championship game MONTREAL-TORONTO-CALGARY-VANCOUVER Sportscene last November between the Edmonton Eskimos and the Montreal Alouettes outdrew the Super Bowl, the final game of the 1978 baseball World Series and the final game of the Challenge Cup between the CERVINIA CONSTRUCTION LIMITED Notice of Sale OF VARIOUS SECURITIES AND ASSETS OF INTRAH0LDING ESTABLISHMENT Cervlnia, the grantee, transferee and assignee of various claims, property and assets of Intraholding Establishment pursuant to an agreement between them dated April 5, 1976, is offering for sale, in realization of Its security, all the right, title and interest of Intraholding Establishment in said claims, property and assets. The said claims, property and assets include the interests, it any. of Intraholding Establishment, in: 0) A certain Promissory Note from Mashie Developments Limited of a face value of fli) Claims under an agreement with Flor-Penn Petroleum (ill) Various claims against David Wincheil and Winched Corporation Limited; (Iv) Various shares and Debentures in International Chemalloy Corpora- tion held as owner or as collateral securities; (v) Any amounts receivable from David Winchel pursuant to the loan agreement between Intraholding Establishment and Wincheil; (vi) All proceeds and all assets including claims and demands arising from the partnership agreement between Intraholding Establishment and Wincheil dated May 24, 1975, including any and all amendments thereto; (vii) Tne proceeds of any claim that Intraholding Establisment has or may have against the Honeywell Group of Companies.

The Vendor has established a minimum of reserve bid and the highest or any offer will not necessarily be accepted. The said claims, property and assets are to be sold as one package, en bloc, on a cash basis pursuant to tne terms and conditions of sale. A copy of the security agreepsnt between Cervlnia Construction Limited and Intraholding id the Tender form, the Terms and Conditions of sale may be obtained from the Solicitors to the Vendor below, on payment of the sum of $1,000.00 which sum will be refundable as follows: (a) To any bidder making an offer in excess of the reserve price, which offer is not accepted, 75 of the fee will be refunded; (b) 100 of the fee will be applied against the purchase price of the successful bidder. Tender shall be made in the tender form referred to above and submitted to the undersigned prior to 12:00 o'clock noon, April 30, 1979. NOTE: There is no warranty or representation of any kind as to the Title or value of the assets.

It is believed that the title to and or the value of the assets are in dispute. For further information relating to this sale and to obtain a copy of the terms and conditions of sale, please contact the undersigned. DEL ZOTTO, ZORZI, APPLEBAUM Barristers and Solicitors, 951 Wilson Avenue, Downsview, Ontario. CANADA. M3K 1Z7 Attention: Martin I.

Applebaum. National Hockey League All-Stats and the Soviet National Team. Surveys showed that 6.1 million Canadians (90co of the country's TV viewers) tuned into the Grey Cup vs 4,605,000 who settled down in front of their screens for the Super Bowl with Pittsburgh and Dallas, 4,574,000 for the deciding game of the Challenge Cup won by the Soviets 6-0, and 4,319,000 for the final game of the 1978 World Series between the Los Angeles Dodgers and the New York Yankees. In the Grey Cup match, Edmonton fans led the country in TV viewing, with 98 of the city's viewers in that lime slot watching their Eskimos waltz off with the title. National Football League games commanded only 1 of the Edmonton audience on Grey Cup day.

All other programs, including the NFL, suffered that afternoon on Canadian television. In Vancouver, the Grey Cup had a 91 share of This Cessna Skymaster II can take your business to new heights. El increased The ability of If you think that buying this Cessna aircraft with a $105,000 W6W ifHv!" tTILlf. vlE'ui Er M3UWU.I! Oh oourtweutw I salmi im-iui meeting emergency situations requiring transportation of personnel and cargo. And a whole lot more.

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