Word: bermudez
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Dates: during 1950-1959
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...important post, Lopez Mateos reached outside the Ruiz Cortines ranks; Pascual Gutierrez Roldan, 55, replaced Antonio J. Bermudez as director of the government oil company (Pemex). A conservative businessman who ran up handsome profits as director general of the country's largest steel producer, Altos Hornos, he will no doubt try to cut down waste and featherbedding at Pemex...
...started in 1946 when business-minded Miguel Aleman became President of Mexico, named Antonio Bermudez, a wealthy whisky distiller, to head Pemex. Bermudez cracked down on graft and featherbedding, stepped up exploration. By 1951, production was twice that of 1938; last year the nation's wells produced 94.1 million bbl. Geologists and oil engineers, trained at the University of Mexico, directed a wildcatting program, using 146 drilling rigs, that brought in 18 new fields out of 84 tries...
...could be handled by 30,000. Graft and nepotism still creep in. Pemex must import $70 million worth of high-grade petroleum products yearly (but exports $45 million worth of crude oil plus some refined products). Its reinvestment rate is not high enough for any truly spectacular progress. But Bermudez does not propose to sacrifice Pemex welfare trappings in risky gambles on fast development. The success to date, he believes, plentifully fulfills Pemex' motto: "For the service of the nation...
Clean Hands. Much credit for Pemex' transformation belongs to hard-driving Antonio Bermudez, the millionaire whisky distiller from Chihuahua whom Aleman. drafted to boss the show in 1946. Apparently contemplating retirement last week, Bermudez said: "I have handled over 9 billion pesos, and have the right to say my conscience and my hands are clean." Many Mexicans, convinced that only Bermudez keeps Pemex from ruin by political grafters and grifters. hope that he will be asked to stay on. In Bermudez' office sits a life-size bust of President-elect Adolfo Ruiz Cortines, but all Bermudez says...
Soon the fame of this "emerald of the Atlantic" spread to North America, and attracted many, many visitors whose experiences tended to parallel exactly those of Juan de Bermudez. Clever travel agents knew a good thing when they saw it, but regretted the fact that the Island was only a short, inexpensive distance from New York...