Word: burmah
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Dates: during 1950-1959
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...damned business philosophy may eventually squeeze out all free enterprise. Oil companies, with a greater investment than any other foreign industry, are already seeing Red. Russia has offered to lend India 250 oil geologists, says it wants no oil rights in return. Though British and U.S. companies, e.g., Burmah Oil, Standard Vacuum, have spent years and millions of dollars to develop new oil resources in India, Russian surveys have encouraged the Indian government to look for oil on its own. Last May, with Rumanian crews and equipment, the government started exploration work in Bengal and test-drilling in Punjab...
Similar offers went to Caltex of California and Britain's Burmah-Shell. In return the three outfits would promise to train Indian technicians, employ as much Indian labor as possible, and stimulate Indian industries. By 1955 the companies hope to have three oil refineries worth $100 million, producing two to three million tons of refined products a day. A compact advantageous to both parties, it is also welcome as the first major investment of private U.S. capital in India since India won its independence...