Word: poing
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...week to make a deal that will give his country its first doorway into the synthetic-rubber industry. In Manhattan, Mattei signed contracts with Phillips Petroleum Co. and Union Carbide & Carbon Corp. for their processes and help in building a $75 million synthetic-rubber plant at Ravenna, in the Po Valley. It will turn out 35,000 tons of GR-S rubber and 350,000 tons of nitrogen fertilizer annually from nearby methane deposits. The plant will be not only the first synthetic-rubber factory in Italy but the first in Europe to make rubber from natural...
...than anyone else, is responsible for scaring away the very type of enlightened foreign capital that Italy must have to complete its economic recovery. Italy, which has always had to import most of its coal and oil at high cost, has promising oil and gas formations, notably in the Po Valley. The big question is: Who will be allowed to develop the oil and who can do it best...
...business in 1945 when he was made Northern Commissioner of E.N.I.'s predecessor, the state-owned A.G.I.P. (Azienda Generale Italiana Petroli), with the job of selling off its assets. Mattei defied the orders, kept his equipment and put prospectors to work in Italy's big Po Valley. Soon, Mattei was boss of all A.G.I.P. His geologists found a big methane gas deposit with an initial production (1.5 billion cu. ft.) greater than all the rest of Italy's fields. By 1953, Mattei's wells were producing 71 billion cu. ft. of gas annually, saving Italy more...
Trickles & Troubles. No one questions Mattei's success in natural gas, but his attempts to give Italy an oil industry have failed. In the promising Po Valley, E.N.I, has produced only a trickle of oil, some 83,000 tons (636,000 bbls.) in 1953. Critics claim that E.N.I, has neither the capital nor the equipment to explore the Po Valley properly. By monopolizing all explorations, Mattei has spent badly needed Italian cash, including some dollar aid from the U.S., when he could have had U.S. firms spend their own money to explore the area. Even in E.N.I...
Breeze on the Po. By last week, the issue of how long Gulf and Anglo-Iranian would be able to work their Sicilian finds was still not settled. Gulf has been given permission to exploit its field. But if Sicily's Socialists and Communists win the regional election this May, private oil companies may well be kicked out of Sicily altogether. However, an increasing number of thoughtful Italians are beginning to wonder if Mattel's state socialism will bring Italy its promised treasures. No one thinks that Enrico Mattei, who stands in well with Italy's political...