Word: brazil
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Dates: during 1950-1959
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When Petrobrás, Brazil's government-owned oil monopoly, asked foreign oil companies late last year to submit bids for supplying 90,000 bbl. of crude oil a day to a projected new refinery in Rio de Janeiro, there was a string attached. In passing, Petrobrás suggested that the oil companies might like to offer financial aid towards construction of the refinery. Last week word came from Brazil that Petrobrás had accepted a Texas Co. offer to supply 15,000 bbl. of crude a day and to make a fiveyear, 6% loan...
...deal was profitable in both directions. By offering the loan. Texaco built good will for continued sales of refined and crude products, helped build future demand. For Brazil the new plant will boost daily refining capacity to 243,000 bbl., 68,000 bbl. more than current consumption. When the refinery is built, Brazil will be close to balancing consumption and refining capacity for the first time in its history. Petrobrás, however, is not yet out of the woods. Domestic production of crude oil is an embarrassingly low 25,000 bbl. a day-and exploration and development work still...
...Sliced into the huge stocks of Government-held farm surpluses by negotiating an agreement with Brazil under which 1) the U.S. will sell the Rio government $138,700,000 worth of the surplus, most of it ($111,000,000) in wheat; 2) Brazil will make payment in nondollar currency, i.e., cruzeiros; and 3) the U.S. in turn (under the terms of the 1954 Agricultural Trade Development and Assistance Act) will use the currency to finance economic and other development projects in Brazil...
...American republics will run to about $3.7 billion-a hefty 12% above the 1955 mark, and only $20 million or so below the alltime peak reached during the Korean war year of 1951. The U.S.'s five biggest Latin American customers in 1956: Mexico, Venezuela, Cuba, Colombia and Brazil, in that order...
...TRUCKS will be built in Brazil for first time. Automaker will spend $10 million for enginebuild-ing and foundry equipment, as a start, will eventually turn out six-cylinder Chevrolet truck engines from new plant near Sao Paulo in 1958, Chevy-type trucks later. G.M. is trebling its automotive investment in G.M. do Brasil, which now makes truck cabs and refrigerators, assembles trucks, cars...