Word: petroleum
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Soviet seapower sustains the two countries that are giving the U.S. the most trouble. A bridge of 150 freighters from Russian ports carries to Haiphong the SAMs, the petroleum, the rockets, the assault rifles and the ammunition that keep North Viet Nam fighting and killing U.S. soldiers. More over, it is the fear of hitting those Russian ships that...
TRADE Italy to Russia In the Volga town of Togliatti, Fiat is building a plant for the Russians that will eventually turn out 600,000 cars a year. Last month Pirelli concluded a $50 million deal to make rubber parts for the Fiats. Italy's state-owned ENI petroleum company is ready to build a pipeline from the Ukraine to Trieste. Olivetti is in the midst of talks to supply the Soviet Union with office equipment. Almost weekly some new deal is announced in which an Italian company snaps up a contract in Russia. The man most responsible...
...companies fared remarkably well, despite the Middle East war in June. Increased reliance on supertankers and Western Hemisphere oil spared most producers any serious dislocations. Advances ranged from 9% to 18% for such companies as Continental Oil, Atlantic Richfield, Phillips Petroleum, Jersey Standard, Shell and Texaco. In keeping with the industry's buoyant mood, Atlantic Richfield Chairman Robert O. Anderson pointed to expected benefits from recent refinery modernization and predicted "continued earnings improvement during 1968" for his company...
...selling Sunset Petroleum, which had $20 million worth of losses in California real estate last year and plunged Sunasco deeply into the red. The buyer: Manhattan's Commonwealth United Corp., a movie-making (The Pawnbroker) and -distributing company with realty and insurance sidelines. Price: $25.2 million, paid in Commonwealth stock. In an accompanying deal akin to a divorce settlement, Sunasco lined the coffers of money-shy Sunset with $ 1,000,000 in cash and $8.6 million worth of Sunasco stock-chiefly in exchange for Sunset's interest in five California realty ventures...
Sunasco's troubles began almost as soon as the company was created in April 1966 by a merger of Beverly Hills-based Sunset International Petroleum with suburban Philadelphia's Atlas Credit Corp., a mortgage-banking, title-insurance and home-repair finance concern. First, a plan to float $14 million worth of long-term debentures went awry in the 1966 credit squeeze. Then the merger partners, Atlas' John L. Wolgin and Sunset's Morton Sterling, locked horns over how to raise money for the ailing realty side of their operation. Recalls Rozet: "There were four children...