Word: petroleum
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...flash and dazzle of its remarkable development projects, Saudi Arabia remains a feudal monarchy. Slavery was not outlawed until 1962. Murderers are still beheaded and adulterers stoned to death under Islamic law. Yet thanks to a gift of Allah?proven reserves of 150 billion bbl. of petroleum bubbling underneath the hot desert sands?this extraordinary nation is hurtling in a blink of history's eye from a medieval past toward the 21st century...
...Saudis have bought the best in people too. To make some order out of urban chaos, for example, they brought in Greek City Planner Constantinos Doxiadis. To build up their soccer teams, they hired British Coach Jimmy Hill. To head the new Applied Research Institute at the University of Petroleum and Minerals in Dhahran, they signed William Pickering, who as head of California's Jet Propulsion Laboratory helped put a man on the moon...
After tentatively approving the report, which ACSR members will have a chance to read fully and object to in the next day or so, the committee vetoed four shareholder resolutions including one that seeks to force Occidental Petroleum to end all trade with "Communist-bloc" nations...
Occidental Petroleum is engaged in oil and mineral development and transport in the Soviet Union...
...based group that examines ethical implications of corporate investment, points out, U.S. subsidiaries in South Africa provide important strategic inputs to the South African government--for instance, they supply almost half the market for computers; a third of the country's motor vehicles; and over two-fifths of its petroleum. In these sectors and others, U.S. companies provide important military inputs and form the basis for much of the white-controlled apartheid economy. The companies provide crucial contacts with world markets, needed foreign exchange, tax revenue, and sophisticated technologies...