Word: petroleum
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...cash-the Italian firm was in shaky condition as a result of an unprofitable project in Egypt. Since then CTIP's net worth has risen 450%, to $5,000,000. It has won important new business in Latin America, Spain and Scandinavia, and added Gulf and British Petroleum as major clients...
American-owned International Petroleum Company...
...business has been having more than its share of difficulties with Latin America lately. Peru expropriated the U.S.-owned International Petroleum Co., Mexico forced subsidiaries of U.S. mining companies to admit local partners, and 21 Latin American governments complained to President Nixon that U.S. business repatriates more in profits from their continent than it invests. Now Chileans are demanding majority ownership and a larger share of the profits from their huge copper industry, which is dominated by two U.S. companies-Anaconda and Kennecott. Chilean mines produced 741,000 tons of copper last year, about a sixth of the non-Communist...
...local conditions, abetted by U.S. blunders, will play into their scheme of things. At present, their great hope is for making serious inroads in Peru, where the nationalistic military junta is pointedly turning to the Soviets to step up its feud with the U.S. over the American-owned International Petroleum Company. Though Castroism has caused fewer factions in Communism than the other currents, Fidel remains an important influence and a hero to many of the world's youth...
...their part, oilmen maintain that they would not have risked North Slope drilling without the depletion allowance, and claim that the allowance is necessary to spur further development. Despite the likelihood of a cut in the allowance, however, the managers of Atlantic-Richfield, British Petroleum and Jersey Standard believe that the find will be so profitable that they plan to invest $900 million in an 800-mile pipeline. It will bring the oil to the ice-free port of Valdez, Alaska. In order to expand its marketing of Alaskan oil, British Petroleum last week announced its intention of merging with...