PRIVATE U.S. PLAN TO RIVAL CONCORDE

Press, Volume CXVI, Issue 34044, 7 January 1976, Page 11

PRIVATE U.S. PLAN TO RIVAL CONCORDE

V Z P A.Rrutcr—< opunphf WASHINGTON. Jan 6 The president of the Tiara Oil Company. Mr Kenneth Gaskin, announced tonight that the company had selected the McDonnell-Douglas \ircraft Company ,of St louis, craft Company, of St Louis, funded supersonic jet transport to compete with the British-French Concorde.

Mr Gaskin said that Mc-Donnell-Douglas had not been notified of his company’s choice, but that he confidently expected an acceptance.

The private development also hinged on a longterm agreement on discount fuel prices from some members of the Organisation of Petroleum Exporting Countries, but. Mr Gaskin said, he hoped that the two pacts would

be signed within three months. Tiara plans to gather the entire S7o(M>ni capital necessary tor the sevenyear project from the sale of Middle East crude oil. The company would buy the 0.l at discount prices, retine it into aircraft fuel, and sell the oroduct at the going market rate, using the difference for the S.S.I development. Mr Gaskin said that his company’s plans called for the privately-developed aircraft to be quieter than the Concorde, and to base a longer range — 6000 miles, compared with the Concorde’s 4000. “No United States Gov - ernment funding will be involved.” Mr Gaskin said, "but 1 expect the Middle East nations involved to own stock in the Tiara division developing the jet.”