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The costs were so enormous, however, and the risks so imponderable that no one company was about to build the pipeline alone.
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During the last stage of the pipeline's construction, the price of oil rose sharply to around $13 a barrel, a rate that seemed likely to bail out the venture.
In restrospect, the undertaking is an oil company's dream come true.
Aside from spreading the risk, joint ventures are also formed to bring together companies whose expertise in different areas contributes to the success of a particular project.
Warner Ames, for example, is a joint venture between Warner Cable Corporation, a subsidiary of Warner Communications, and American Express.
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