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Article: Getting out of the oil business no easy task for Port.(Port of Long Beach, California)
- Article from:
- Los Angeles Business Journal
- Article date:
- September 6, 1999
- Author:
CopyrightCOPYRIGHT 1999 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Port of Long Beach has many reasons to cheer these days.
Container trade through July is up by more than 6 percent from a year ago, West Coast shippers and dock workers recently agreed to a new contract, and the Asian economic crisis seems to be abating.
But the port is losing millions of dollars from a business it never wanted to enter and would like to get out of: oil. The situation is a growing source of conflict between competing interests in Long Beach.
In 1994, amid projections that its trade volume would more than double by 2020, the Port of Long Beach purchased 725 acres of land from Union Pacific Corp. for $405 million - using 170 ...