Word: petroleum
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Other measures being reviewed would hurt more. Carter is being pressed to block the sale to Russia of advanced technology, such as a $144 million plant for making oil-drilling bits that the Soviets badly need to develop their petroleum industry. Tass, the Soviet press agency, could also be prevented from buying a $7 million computerized communications system it wants for coverage of the 1980 Moscow Olympics...
Brunei's maneuvering to retain British protection is based on oil. Tucked between the Malaysian states of Sabah and Sarawak, the sultanate sits on an estimated 1.6 billion bbl. of petroleum. The government owns a 50% share in a subsidiary of Royal Dutch Shell, whose wells pump 230,000 bbl. per day; it is also one-third owner of the world's largest natural gas liquefaction plant. Brunei's revenues should surpass $1 billion this year, and the national surplus, already $2.5 billion, will grow by another $700 million...
Indeed, about the only sign of cooling down in the economy last week was the Commerce Department's trade figures for May. Having deepened alarmingly earlier in the year, the overall trade deficit showed a slight decline, largely as a result of a drop in steel imports. Still, petroleum imports jumped another 5.8%, reflecting the nation's still increasing dependence on foreign...
Having recovered from a terrorist ambush two years ago, when he was shot eight times while driving to work, Chevron Boss Giovanni Theodoli, the president of the Italian association of petroleum companies, also practices unpredictability. When the time comes for the association's bimonthly meeting, only Theodoli knows in advance where the gathering will be, and members call him an hour beforehand to get a code number for the site...
...international politics is not easy to come by. It extends at least back to 1938, when Americans brought in Saudi Arabia's first oil well. Four American oil companies later formed the Arabian-American Oil Company (Aramco), which eventually developed Saudi Arabia into the world's pre-eminent petroleum power. Through negotiations with the parent companies, the Saudi government has gradually acquired 60% of Aramco and will eventually purchase the remainder, but it still has more than 2,600 American employees. Of the $142 billion that Saudi Arabia will spend during its current five-year plan, nearly half will...