Cook Inlet Energy Supply Strengthened Through Significant Investment by Fletcher Energy Development Corp., an Affiliate of Harvard Management Co. Inc.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 30, 2000 On Tuesday, May 23, 2000, Cook Inlet Cook Inlet Inlet, Gulf of Alaska in the northern Pacific Ocean. Bounded by the Kenai Peninsula on the east, it extends northeast for 220 mi (350 km), narrowing from 80 to 9 mi (129 to 14 km). Anchorage is situated near its head. Energy Supply completed the sale of 49 percent ownership interest to Fletcher Energy Development Corp. (FEDC FEDC Federation of Engineering Design Companies Ltd FEDC Federal Equipment Data Center ), an affiliate of Harvard Management Co. Inc. of Boston, the investment arm of the Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. endowment. Through the sale and related capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. , Cook Inlet further strengthened its position as the largest and most well-capitalized minority business enterprise in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. energy market. The company will continue to build on its $1 billion in 1999 sales and its trading volumes of more than 3 billion cubic feet of natural gas per day, and also focus on the acquisition of strategic storage and transportation assets to complement its physical gas throughput. In addition, the company will accelerate its existing power- trading activities. Management and traders will remain with the company in its Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. headquarters. Inupiat Energy Corp., principally owned by Cook Inlet founder Gregory L. Craig, will retain 51 percent ownership and serve as the corporation's managing member. Craig will serve as chief executive officer of Cook Inlet, while Hans O. Saeby will serve as president. Both Craig and Saeby have been appointed as co-chairmen of the Cook Inlet board of directors. In addition, Craig will continue in his advisory role to President Clinton as an appointee APPOINTEE. A person who is appointed or selected for a particular purpose; as the appointee under a power, is the person who is to receive the benefit of the trust or power. to the President's Export Council. Craig is also a member of the National Petroleum Council, the SoCalGas Community Advisory Board and the board of directors for the Price Center for Entrepreneurial Studies at UCLA's Anderson Graduate School of Management. Craig said: "We are honored to have FEDC as a major investor. With this investment, Cook Inlet's balance sheet and credit will support our strong growth objectives. It is truly a tribute to the hard work and success of Cook Inlet's devoted employees, and we intend to aggressively invest in operations, assets and trading talent to continue our growth." |
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