Word: petroven
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Arguing that prices could be lowered by eliminating the middlemen's profits, Kennedy jetted off to Algeria, but found no crude for sale. Later he approached Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Venezuelan President Luis Herrera Campins. Finally the Venezuelan oil company Petroven agreed to sell him nearly 1 million bbl. at the world price of $26 million. Chase Manhattan Bank provided the necessary credit line. A Puerto Rican refinery in the middle of bankruptcy proceedings agreed to refine the oil and transport it in return for a share of the refined products. The state...
...short of Petroven's export goal...