ConocoPhillips

ConocoPhillips, one of the nation's largest oil companies, has agreed to pay the Port of Lake Charles $1.4 million to settle a disagreement over loading petroleum products. The disagreement between ConocoPhillips and the Port was centered on billings for loading raw petroleum coke at Bulk Terminal No.1, one of the ports main cargo terminals. Auditor's criticized the past port administration for not correctly billing ConocoPhillips as well as another local plant, Citgo. The Port settled with Citgo for $1.8 million. The port will credit ConocoPhillips $504,829 for any further vessel loading, the credit will be spread out over three years. ConocoPhillips and the port have signed a new long-term contract that consists of a simplified rate structure for coke loading. The Port's director Adam McBride said the arrangement provides, "a stable operating environment, predictability for our customers on their rate structure and the opportunity for us to more effectively manage our terminal operations." (Nov-23-04) [THE LEDGER]

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