Word: sicilian
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Dates: during 1950-1959
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...rose big, suave Prince Nicolo Pignatelli Aragona, president of Gulf's subsidiary, Gulf Italia, and tidied up the facts. "Although constantly being attacked," he said, "private enterprise is the most powerful instrument for social and economic development wherever it is given a competitive chance." Since first striking Sicilian oil in 1954 at Ragusa (where ENI had tried and failed), he pointed out that Gulf has drilled 34 holes, and that 31 of them are now producing 22,000 bbl. a day-only half of eventual capacity. In contrast, ENI's subsidiary, AGIP Mineraria, has moved into Gela...
...poor thing. She was made of plaster, and her face was blank and pink. In the shapeless, pudgy fingers of her right hand she held a bleeding heart limned in red and gold. She was exactly like hundreds of other foot-high, hollow, plaster Madonnas that the Sicilian factory sold for $3, and like many of them she was a wedding present-to Antonietta and Angelo lannuso of Syracuse. Soon after they got the present in the spring of 1953, the commotion began...
...article "Success in Sicily" contained a statement that Gulf Oil (i.e., Gulf Italia Co.) gets from its Sicilian oil-production operations 80% of all profits, instead of the standard fifty-fifty split. The truth is that Gulf Italia Co., under its concession terms established in 1954, pays to the Sicilian government a royalty of one-eighth of the gross production, plus corporate taxes (i.e., income tax and tax on the capital and on the extra profits). The combined and aggregate payment to the government of royalty and taxes brings about a fair and equitable profit sharing, which is practically equivalent...
Home & Abroad. Sicilian businessmen learned to take full advantage of their country's natural resources. Sicily's position astride shipping routes turned the port of Palermo into the Mediterranean's busiest repair center, with 5,000 new workers. New irrigation and land-reclamation schemes are making agriculture a prime source of foreign exchange, with export sales of processed fruits and vegetables rising from almost nothing in 1946 to $37 million in 1955, some $48 million last year. Much of the new industry is homegrown, but much more comes from foreign businessmen and mainland Italians who know...
...TIME, Sept. 2), Sicily encouraged Gulf Oil Corp. with a deal that one U.S. oilman calls "the best terms of any oil company operating anywhere in the world." Instead of the standard fifty-fifty split, Gulf gets 80% of all profits, has pumped $50 million into Sicilian oil development. The payoff: wells that will produce 1,650.000 tons of oil next year, some 15% of Italy's total needs. Last week British Petroleum and Standard Oil Co. (New Jersey) were also coming in beside Gulf...