Word: petroleum
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Turkey's latest political crisis interrupted negotiations with officials of the International Monetary Fund, who were seeking to help avert national bankruptcy -including a threatened cutoff of credit for petroleum shipments from Libya and Iraq; IMF officials tired of cooling their heels during the crisis and returned to the U.S. to await the organization of Ecevit's government. Currently, Turkey's inflation is 35%, and unemployment is a huge 20% of the labor force. The nation is also gripped by political terrorism involving extremists of both the left and the right -the latter thought to be encouraged...
...political adviser to the Saudi royal family, he received a degree in petroleum engineering from Stanford University, then went on to Harvard for his M.B.A. Eleven years ago he set up shop in Jiddah, the business and financial center of Saudi Arabia, where he founded the Saudi Arabian Research and Development Co. (Redec) with $110,000 borrowed from his father...
...industry has sprung up. Some firms, such as Wheelabrator-Frye. Grumman Corp. and UOP Inc., have been using technologies that basically consist of burning the trash in specially constructed heavy-duty incinerators to produce steam for electricity and heating. Other companies, including American Can, Raytheon, CEA and Occidental Petroleum, are experimenting with more complex systems that would produce synthetic fuels...
Before leaving on his private jet for last week's price-setting meeting of the Organization of Petroleum Exporting Countries in Venezuela, Saudi Arabian Oil Minister Ahmed Zaki Yamani picked up his Arab worry beads to take them along. He could have left them at home. During the two-day session at the beach resort of Caraballeda outside Caracas, Yamani gave his fellow oil ministers a tough display of Saudi Arabian power in oil politics. Arguing that the international economy is too weak and world oil supplies too high to support an increase over the current $12.70 per bbl. price...
Crashing through choppy seas on a misty morning came the four-year-old 330,000-ton supertanker Venoil. It was carrying 250,000 tons of crude oil from the Iranian petroleum port at Kharg Island and was bound for Nova Scotia. At 9:39, the Venoil plowed into another ship. As coincidence would have it, the second ship was Venoil's sister Venpet, traveling in ballast in the opposite direction. Both supertankers had been built at the same yard in Japan at a cost of $28 million each; both were owned by the Bethlehem Steel Corp., and chartered...