Word: barco
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
Texas Corp.'s Chairman Torkild Rieber likes to do things with a minimum of publicity, a maximum of purpose. Last spring the Norwegian-born onetime shipmaster bought from the Mellons' Gulf Oil the famed Barco concession in Colombia, promptly teamed up on a 50-50 basis with Socony-Vacuum for its development (TIME, May 4). Last week Captain Rieber struck another foreign deal with another Standard company, Standard Oil of California. In a terse joint statement from Captain Rieber and Standard's Kenneth Kingsbury it was revealed that Texaco will market all oil produced and refined...
...involvements of Colombian concession laws. Standard's 356-mi. Andean Pipe Line from its De Mares Concession to Cartagena on the Caribbean has carried virtually all the oil Colombia has ever produced, less than 175,000,000 bbl. Most famed of Colombia's undeveloped concessions is the Barco, covering an area larger than that of Rhode Island. Originally granted to the late General Virgilio Barco, an able Colombian who had grown rich in such varied activities as cattle, sugar, matches, liquor, the Barco Concession has had a purple history. After sinking more than $100,000 of his personal...
Chairman Rieber did not buy the Barco concession itself. What he bought and now shares with Socony is all of the stock in a Gulf subsidiary which in turn owns 79% of the stock in a company called Colombian Petroleum. The other 21% of Colombian Petroleum is still held by Carib Syndicate. In the highly involved concession arrangement both Colombian Petroleum and the Gulf subsidiary are the concessionaires, each being responsible for the other's obligations, which include a prescribed amount of well-drilling and, after potential production has reached about 20,000 bbl. per day, the building...
About to change hands last week was the famed Barco oil concession, an inaccessible 500,000-acre tract of jungle in northeastern Colombia. Originally granted to Colombia's late General Don Virgilio Barco in 1905, it is one of the world's great concessions, though hardly a barrel of oil has yet been taken out of it. Wells have been drilled, but the necessary pipe-line to the coast is yet to be laid. For the past decade the Barco concession has been controlled by Gulf Oil Corp...
Specifically Senator Johnson excoriated the scramble of U. S. bond houses for South American issues, the "bribing" of a Peruvian President's son to make a loan, the restoration of the Barco oil concession to the Mellon interests by Colombia while the State Department sped up a National City Bank loan (TIME, Jan. 25). He showed statistically how U. S. private loans to 16 European nations with a par value of $1,667,562,000 had depreciated 43% to $925,559,000, how $1,600,000,000 invested in South American securities had shrunk to a cash value...