Word: petroleum
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There is little question of his strong influence with Nixon, for whom he raised sizable sums during the 1968 presidential campaign and with whom he golfs on occasion. When the Department of Justice threatened to block a planned merger of the British Petroleum Co., Ltd. and Standard Oil (Ohio) several months ago, Annenberg helped to persuade the trustbusters to drop their objections. The merger went through, to the delight of a grateful British government. But worries persist. "We know Annenberg can get through to Nixon," said a top-ranking British diplomat. "But can you persuade him to say the right...
Kennedy began investing in oil in the late 1940s, principally to gain the tax break supplied by the oil depletion allowance. Kennedy's original partner, Tulsa Petroleum Engineer Raymond F. Kravis, remains a co-investor and an adviser on operations. He describes the Kennedy investment as "a big small company," amounting to some $10 million and producing an annual gross income of about...
...threaten to cut aid to nations that expropriate U.S. private investment holdings without quick compensation, that buy "sophisticated" weapons, or that seize U.S. fishing boats. Among such codicils is the well-known Hickenlooper Amendment, which could be invoked to punish Peru for its nationalization of the American-owned International Petroleum Co. The U.S. should also abandon the practice, says Rockefeller, of demanding that at least half of all goods bought with American aid funds be transported in U.S. flagships-a hidden subsidy to the high-priced U.S. shipping industry that takes an estimated 200 out of every aid dollar. Rockefeller...
...unwarranted risks," Nixon said. "But my own strong belief is that properly motivated private enterprise has a vital role to play." Nixon plainly had in mind Bolivia's recent nationalization of the U.S.-owned Bolivian Gulf Oil Co. and Peru's seizure last year of the International Petroleum Co. -both so far without compensation. The President said nothing about the use of such punitive weapons as the Hickenlooper Amendment, which provides for suspension of aid in case of nationalization of U.S. property without speedy and adequate repayment...
Prosciutto and Melon. The disputed merger is special because British Petroleum is 49% owned by the U.S.'s staunchest foreign ally, the British government. Equally important, BP stands to benefit hugely from its oil finds on Alaska's North Slope. BP has discovered reserves estimated at an enormous 5 billion barrels, or about 25% of the total believed to lie under that barren region. Seeking marketing outlets for its crude, a BP subsidiary last March bought approximately 8,250 East Coast filling stations from Sinclair...