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...month ago, President Arturo Frondizi shattered his country's traditional go-it-alone oil policy by announcing that nearly $1 billion worth of oil development contracts were closed or nearly closed with a long list of foreign oil companies and investors. Argentina has an estimated 2.3 billion bbl. of oil in underground reserves, but snail-slow development forces the country to spend about $300 million a year for imported petroleum and petroleum products...
...RICH ALGERIA will get its first refinery, and it will be North Africa's biggest yet (daily capacity: some 40,000 bbl.). Plant will be built, probably near Algiers, by combine of Mobil Oil, Standard Oil (N.J.), Shell, British Petroleum and three French firms...
Petrobrás' shortcomings cannot be hidden. It produces 50,000 bbl. of crude oil a day. must import the other three-fourths of the 200,000 bbl. daily consumption at an annual cost of $250 million-roughly equal to the current year's trade deficit. All the oil comes from a single area in Bahia, and Bahia crude is heavy and high in paraffin content, useful mostly for waxes, asphalt and fuel...
MONEY-LOSING PABST Brewing Co. (sales: 2.9 million bbl.) will jump from eighth place among U.S. brewers to third or fourth by picking up profitable Blatz Brewing Co. from Schenley Industries, Inc. for $14.5 million and 200,000 shares of Pabst (price: about $10 a share). Schenley also gets warrants to buy 350,000 shares of Pabst for $10 to $12.50 until mid-1966, may thus one day become biggest Pabst shareholder...
Frondizi first outlined the present gloomy situation, in which Y.P.F., the government oil monopoly, produces only 35% of the country's annual needs. Although reserves are estimated at 2.3 billion bbl., Argentina is forced to import about $300 million worth of petroleum products a year-a sum roughly equal to the 1957 trade deficit. The President then listed the precedent-shattering development arrangements with foreign companies. The main deals...