Word: petroleum
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...Vonnegut fantasy? No. Several companies are engaged in research to make just such a machine. Now Garrett Research & Development Co., a subsidiary of Occidental Petroleum, claims that it has solved the technical problems and is ready to build a 50-ton-per-day demonstration plant in San Diego County. The project depends on whether or not the county and the Federal Government will ante up the $3,000,000 necessary to build the plant...
...rich pools of oil are now demanding a piece of the companies themselves. Their goal is "participation,", which is merely another way of describing partial, and probably increasing nationalization of the U.S. and European firms that drill in their territory. At a meeting in Beirut of the Organization of Petroleum Exporting Countries (OPEC), which ended last week, the largest consortium of oil companies, the Arabian American Oil Co., bowed to the inevitable and agreed in principle to sell 20% of its ownership to Saudi Arabia. Aramco's decision will doubtless cause a gusher of further participation concessions, which will...
...million in 1970. Gulf payments are made in several ways: there is a surface rent of $70 per square kilometer on the concession land; there is a barrel tax of ten cents a barrel on the extracted oil; there is a royalty of 12.5 per cent on all petroleum produced, which may be taken by Portugal either in foreign currency or in oil, both of which help to fuel the war machine; finally there is an income tax of 50 per cent on all net profits, which must be paid in advance. Bonuses of $350,000 are to be paid...
...Hammer. Archetypical of the new manager is Eugenio Cefis, 50, president of Montecatini Edison, Italy's largest industrial firm. Except for a brief postwar fling at private enterprise, Cefis, who was trained as an economist, has spent most of his career working for ENI, the state-owned petroleum syndicate. Known as "The Ghost" because of his aversion to publicity, Cefis became the shadowy, indispensable Mr. Fixit at ENI. After he became ENI's president in 1967, he built a sound management team by breaking with ancient Italian tradition and wisely delegating authority...
...present chief of ENI, which controls more than 35% of Italy's petroleum industry, is Raffaele Girotti, 53, a Cefis protegé. Trained as an engineer, Girotti has worked for ENI since 1949. He has earned the nickname "The Hammer" because of his ruthless management skills. In an effort to reorganize one sprawling firm, he interviewed every man in its management ranks, sometimes as many as 30 a day, and then decided which ones to keep and which to discard...