Word: suez
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When the firing finally stopped, after three hours and eleven minutes, Egypt had only one small oil refinery left-in Alexandria, 175 miles away. The two Suez plants were virtually demolished. Fireballs from exploding oil tanks could be seen 25 miles away, their light turning the desert night into vivid day for a radius of five miles around, their heat felt half a mile away. Egypt, its economy already in ruins as a result of the June war, had been dealt a staggering blow...
...attack began with a few rounds on the city of Suez itself. Then, with extraordinary accuracy, the Israelis zeroed in on the $30 million Nasr (Victory) Oil Co. refinery two miles inland, and the equally important Suez Oil Processing Co. another mile behind. Apparently operating from blueprints, they lobbed shell after shell into the two major plants, hitting their oil storage tanks, pipeline complexes and coking and cracking units with every incoming shell. U.N. truce supervisors immediately appealed for a ceasefire, but the Israelis ignored them. A second appeal was referred to Jerusalem, where the government pleaded ''technical...
...Israel's answer to the sinking of the Elath-an act that had given Egypt particular, if short-lived, pleasure. For more than a day, the destroyer had been zigzagging back and forth in the bay of Romani, a niche in the Mediterranean at the entrance to the Suez Canal. In the knowledge that it was being tracked by radar from nearby Port Said, it alternately sped up and slowed down, darted from time to time into Egyptian territorial waters and then backed out again. It did almost everything but stick out its tongue...
...When Middle East hostilities either slowed or stopped production at Mobil's holdings in Saudi Arabia, Iraq, and Iran, the company merely dipped deeper into its vast North American reserves and substituted Western Hemisphere petroleum for Middle East oil that could not reach Europe quickly because of the Suez Canal closure. As a result, Nickerson reported third-quarter earnings up 6.8%, to $93.8 million. Jersey Standard Chairman Michael L. Haider announced that the world's largest oil company had substantially increased its Western Hemisphere operations, and had a third-quarter rise in earnings of 15.8%, to $315 million...
While industry mergers, possibly into four regional groups, will probably cut costs and afford greater efficiency, Sir John admits that things wouldn't be looking up "if the oil companies had not been held to ransom by Mr. Nasser." The shutdown of the Suez Canal came as a boon for shipbuilders. The Japanese, who got their first boost with the 1956 closing of the canal, underbid the European builders by about 10% and soon had their order books bulging, with delivery dates stretching through 1971. Swan, Hunter & Tyne promised faster delivery, contracted to finish its first Esso supertanker...