Word: consortium
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Dates: during 1950-1959
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...company rich in reserves to protect itself against trouble in the Middle East. Though it has large holdings in Louisiana and Canada, 40% of Texaco's oil comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well over 300 million...
...dicker with the World Bank and U.S. foreign-aiders, who regard Ghana as a first-rate investment risk. Says Aluminium Ltd. of Canada, which has rights to Ghana's major bauxite reserves and sees the Volta plan as an eventual certainty: "We would be interested in forming a consortium with U.S. firms to develop the project...
Venezuela. Last week the government announced that it had negotiated a $289 million loan from a consortium of U.S., British and Canadian banks to put part of the burdensome $1.4 billion debt left by ousted Dictator Marcos Perez Jimenez on a businesslike basis...
...then flew to Brazil's new capital, Brasilia, for a farewell dinner with Kubitschek. Then he headed back for Washington, where at week's end the Export-Import Bank announced that credits totaling $58 million in favor of the Bank of Brazil had been granted by a consortium of U.S. private banks, along with a $100 million credit from the Export-Import Bank itself...
...daily, another 60 that have struck oil but are shut in until a bigger pipeline is laid and Getty's refinery goes on stream. Begrudgingly, Aminoil has conceded Getty's wisdom, itself is drilling the Eocene formation. Meantime, Getty has acquired a .4167% interest in the Iranian Consortium, good for about 700 million bbl. in reserves...