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...Petroquímica seems destined not only to grow but to become a threat to foreign oilmen. Caldera is building a small (3,000 bbl. a day) oil refinery, plans to build a huge one (300,000 bbl. a day) in the industry's third phase. The fact that most refining of Venezuelan crude is now done elsewhere is a sore issue between the government and the foreign-owned companies. La Petroquímica's action in building refineries, which primarily make fuel rather than the raw materials of petrochemicals, is a clear statement that Venezuela intends...
...IMPORTS will soon be curbed voluntarily by oil companies, Government believes. After trying unsuccessfully for two years to hold down imports (now running 510,000 bbl. a day more than Government wants as limit), Office of Defense Mobilization is conferring with top oilmen, is confident they will bow to President Eisenhower's implied threat to impose Government controls, tariffs on imports...
...Iranians had some reason for their confidence. Near Qum last August government oil drillers brought in a gusher that spewed forth 80,000 bbl. of oil a day. Before the well could be brought under control by U.S. Expert Myron Kinley (TIME, Feb. 9, 1953), more than 5,000,000 bbl. of oil flowed in a black river into a depression in the desert floor, made a lake of oil half a mile across...
TURKISH OIL REFINERY with 65,000-bbl.-a-day capacity will be built for $48 million by U.S.-British-Dutch combine. With existing Turkish state plant, it will supply nation's entire oil needs. Mobil Overseas Oil Co. will have 37% interest, California Texas Corp. 34%, Royal Dutch Shell group 18%, British Petroleum...
ITALIAN-IRANIAN OIL pact will make Italy's state-owned ENI company a major operator in Middle East, give it drilling rights in Iran's rich new fields (potential production: 35 million bbl. a year) at Qum. Combine of U.S., British, Dutch and French companies already operating in Iran was refused permission to exploit Qum, fears that terms of deal giving Iran 70% to 75% share of profits will upset traditional fifty-fifty split...