Word: petroleum
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...ambassadors from Cairo and cut off diplomatic relations with Sadat's government. Egypt's membership in the Arab League will be suspended, and the organization's headquarters will be shifted from Cairo to Tunis. Technical and financial assistance to Egypt will be canceled. A ban on petroleum shipments to Egypt will be imposed. It was unclear, though, how all this would affect bilateral agreements like Saudi aid. In any case, it is likely that Arab heads of state will soon confer to determine exactly how the anti-Egyptian boycott will be carried...
...could not have come at a more delicate time. As the oil ministers of the 13 members of the Organization of Petroleum Exporting Countries gathered in Geneva for a specially scheduled policy review session, the U.S. President was not only wrapping up an Egyptian-Israeli peace agreement that is bitterly opposed in much of the Arab world, but he was also preparing to announce some energy measures that would stress increased domestic oil production to reduce the nation's perilous dependence on the OPEC cartel. Throughout the industrialized world, meanwhile, governments were struggling to keep alive a recovery from...
...year oilfield-equipment supplier called Houston Oilfield Material Co. back in 1962. Then Kenneally, an enterprising Minnesotan with an aristocratic manner and a flair for finance, became its president. Through a series of acquisitions, he quickly started transforming the company into a go-go builder of specialized agricultural and petroleum systems for Iron Curtain and Third World countries. By 1972 ISC was engaged in projects in 40 countries, and Kenneally was beginning to climb on the business jet-set circuit. Two years ago he and David Rockefeller, the Chase Manhattan Bank chief, were vice chairmen of the Iran...
...Attorney's office came after ISC again last year. Officials of a petroleum-trading subsidiary called Yen-Fuel were indicted on several counts of fraudulently importing oil into the U.S. as part of the "daisy-chain" swindles that involved several small oil firms...
This year the Corporation will consider resolutions asking Philips Petroleum and the 3M company to withdraw their operations from South Africa, a resolution asking Kodak to stop sales of certain kinds of photographic equipment to the South African government, a resolution calling on Exxon not to expand its South African operations, a resolution calling on Bristol Meyers to change its Third World infant formula marketing practices, resolutions prohibiting ex-government officials from taking jobs with General Electric and several other companies, and resolutions on redlining, political contributions, and journalistic practices...