Word: anglo
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Over the mud flats of the Isle of Grain, 40 miles down the Thames from London, rose a strange new smell. It was the acrid odor of distilling oil from the Anglo-Iranian Oil Co.'s Kent refinery, which went into operation last week. When it gets into full production late this year, the $112 million refinery will boost the company's output of gasoline and other petroleum products by 80,000 bbls. a day-1½ times as much as all of Britain's prewar capacity...
...Anglo-Iranian, the Kent plant was the first big milestone on the road back from the catastrophe of expropriation in Iran. Anglo-Iranian lost 77% of its production of crude and 80% of its refinery capacity in the billion-dollar plant at Abadan, largest refinery in the world. Coming on top of damage in Europe during the war, the Abadan loss was such a blow to Anglo-Iranian-as well as to the oil supply of the free world-that the major U.S. oil companies hastily pooled their resources to try to make up the deficit...
...Anglo-Iranian was far from finished. A bitter blow, the loss of Iran nevertheless turned out to be a healthy spur to Anglo-Iranian, which had grown soft on its 42-year monopoly of one of the world's richest oilfields. Misfortune pumped new life into the company...
...British Petroleum." The man who bossed the pumps is Anglo-Iranian's chairman, Sir William Fraser, 64, a tough, aloof Scotsman. The son of an oilman, he started out in Scotland's hardscrabble oil-shale business. At 27, when his father died, he took over control of the family company, before long engineered a cooperative marketing deal of all the companies in the ailing industry. This feat so impressed Lord Greenway, head of the British government-controlled Anglo-Iranian (then called Anglo-Persian), that he invited Fraser, at 34, to join his board. Eight years later, as deputy...
...came in Iran, Eraser's first impulse was to hop to Teheran and "have things out" with Prime Minister Mossadegh. Foreign Office diplomats persuaded him not to interfere. When negotiations bogged down, and it looked as if Iran might have to be written off, he began to rebuild Anglo-Iranian by rushing refinery expansion elsewhere-but not on foreign soil where it might be grabbed...