Word: petroleum
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Dates: during 1960-1969
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American-owned International Petroleum Company...
...business has been having more than its share of difficulties with Latin America lately. Peru expropriated the U.S.-owned International Petroleum Co., Mexico forced subsidiaries of U.S. mining companies to admit local partners, and 21 Latin American governments complained to President Nixon that U.S. business repatriates more in profits from their continent than it invests. Now Chileans are demanding majority ownership and a larger share of the profits from their huge copper industry, which is dominated by two U.S. companies-Anaconda and Kennecott. Chilean mines produced 741,000 tons of copper last year, about a sixth of the non-Communist...
...local conditions, abetted by U.S. blunders, will play into their scheme of things. At present, their great hope is for making serious inroads in Peru, where the nationalistic military junta is pointedly turning to the Soviets to step up its feud with the U.S. over the American-owned International Petroleum Company. Though Castroism has caused fewer factions in Communism than the other currents, Fidel remains an important influence and a hero to many of the world's youth...
...their part, oilmen maintain that they would not have risked North Slope drilling without the depletion allowance, and claim that the allowance is necessary to spur further development. Despite the likelihood of a cut in the allowance, however, the managers of Atlantic-Richfield, British Petroleum and Jersey Standard believe that the find will be so profitable that they plan to invest $900 million in an 800-mile pipeline. It will bring the oil to the ice-free port of Valdez, Alaska. In order to expand its marketing of Alaskan oil, British Petroleum last week announced its intention of merging with...
...basis of East Berlin's opposition to Israel, and announced its intention of sending a mission to Moscow to seek arms. At home, the new rulers hinted at nationalizing "local capital with imperialist connections," which could only sound ominous to the owners of Sudan's British Petroleum, Shell and Mobil oil interests. The military character of the regime, moreover, probably also means a stepped-up campaign against the blacks in the south. Even in the capital, the coup may not long remain bloodless. The new government announced that it will try the deposed civilian politicians-including Sadik Mahdi...