Word: petroleum
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Dates: during 1940-1949
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...tough, highly competitive oil industry, James Andrew Moffett, 60, is a man who can take care of himself in the clinches. And he likes a grudge fight. A onetime senior vice president of Standard Oil (N.J.), later board chairman of the Bahrein Petroleum Co., Ltd., Moffett stirred up such a fight last January...
Slippery Ladder. Ecuador has long been envious of the wealth that oil has brought to other Latin American countries and it has hoped to reach prosperity itself on the slippery ladder of petroleum. Little (pop. 3,000,000) Ecuador is industrially undeveloped, politically backward (3% vote) and poor (per capita imports amounted to $4.33 in 1938, compared with oil-rich Venezuela's $30.63). It was glad to get Shell's $30,000 yearly for exploration rights in one-third of the nation's territory-in El Oriente jungle, on the eastern slopes of the Andes, a region...
...Iraq, the concessions are held by the Iraq Petroleum Co., which is owned by Anglo-Iranian Oil (23¾%); the British-controlled Royal Dutch-Shell (23¾%); Jersey Standard and Socony-Vacuum, through their jointly owned Near East Development Corp. (23¾%); the French Government through its Compagnie Française des Petroles (23¾%). The only individual is a mysterious Armenian financier, Calouste S. Gulbenkian, whose 5% gives him a distant claim to the title of the "world's richest...
Jersey Standard has long wanted to get into Arabia. But it was virtually barred by the famed and cartel-like Red Line Agreement* which it was forced to sign to get a share in Iraq Petroleum...
Under this cozy agreement no member of Iraq Petroleum could develop fields in the Red Line area unless he put the oil into a common pot. Last week, fed up with this, Jersey Standard formally announced what it had only hinted at before...