In 2008, Petrochem Insulation was acquired by Arctic Slope Regional Corporation (ASRC), an Alaska Native Corporation (ANC). Petrochem holds the certification of Minority Business Enterprise (MBE). Petrochem’s ANC ownership also grants Petrochem unique subcontractor opportunities in the federal procurement process. Specifically, that Petrochem, regardless of size, is considered a Small Disadvantaged Business (SDB) when subcontracting on a federal government contract and will count toward the prime contractor’s SDB subcontracting goal.
ASRC is one of 13 Alaska Native regional corporations established by the Alaska Native Claims Settlement Act (ANCSA) of 1971. ASRC represents Alaska Native people who have ties to the North Slope region. ASRC is 100% owned and controlled by over 13,000 Alaska Native (primarily Iñupiat) shareholders. Section 1626(e) of ANCSA states:
For all purposes of Federal law, direct and indirect subsidiary corporations, joint ventures, and partnerships of a Native Corporation shall be considered to be entities owned and controlled by Natives and a minority and economically disadvantaged business enterprise if the shares of stock or other units of ownership interest in any such entity held by such Native Corporation and by the holders of its Settlement Common Stock represent a majority of both.
Contracting with Petrochem can help you meet your diversity spending objectives while also helping improve quality of life across North Slope Alaska Native Villages.
Interested in learning more about the benefits of working with an ASRC Industrial operating company? Contact Ian Broste: