Word: caltex
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Dates: during 1960-1969
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...commercial bridges. Many old wrongs remain to be righted before the new dreams can begin. When Sukarno in 1964 began forcing foreign firms into a plan called "production sharing"-a euphemism for expropriation-the U.S. investment alone in Indonesia amounted to more than $520 million. Only two oil companies, Caltex (owned by Texaco and Standard Oil of California) and Stanvac (owned by Jersey Standard and Mobil), managed to keep operating. Other companies lost longtime investments: U.S. Rubber had to give up 54,000 acres of rubber plantation, and Goodyear Tire & Rubber lost two plantations and a tire plant at Bogor...
...will likely buy Indonesian rubber. Goodyear is negotiating to return. Its first task if it does: to restore efficiency at the Bogor plant, where tire output is off two-thirds since U.S. managers were kicked out. Union Carbide hopes to reclaim its battery plant, may also start tungsten mining. Caltex, which recently signed a five-year $50 million contract to supply the Indonesian government with lubricating oils and grease, has set aside $10 million to open a new oil field in addition to its present 310,000 barrels-a-day operation; it will also construct additional pier facilities for tankers...
...dark Italian suits and handsome women in bright mestiza dresses nod politely to aging Carmen Soriano and her 39-year-old son José Maria, heirs of the Soriano fortune (Cebu copper mines, Samar iron, Mindoro cattle and dairy, Mindanao mahogany and San Miguel beer). American businessmen from Esso and Caltex, Hawaiian Dole and General Foods, are prominent in the Manila Polo Club; the Phil-Am Life Insurance Co., with its filigreed, high-pillared headquarters in downtown Manila, symbolizes U.S. and Filipino cooperation...
This year in Germany, coal will be replaced as the primary energy source for the first time-by oil. The oil boom, however, is of little benefit to German companies, because most of the petroleum is supplied and refined by international giants. These companies-Esso, Caltex, British Petroleum, Shell-have also steadily gained control of distribution in Germany until there was only one wholly German-owned company left, Deutsche Erdöl AG. Last week, despite initial objections by the Bonn government, shareholders decided overwhelmingly to sell that lone holdout for about $160 million to Texaco...
...ship, built by Ishikawajima-Harima for the U.S.'s Caltex Corp. at a cost of $12 million, is notable for more than its size. Its valves, pumps and winches are so automated that the giant vessel requires only a 29-man crew. Its construction, from keel laying to launching, was accomplished in an extraordinarily speedy 140 days...