Word: caltex
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...protect itself against trouble in the Middle East. Though it has large holdings in Louisiana and Canada, 40% of Texaco's oil comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well over 300 million bbl., plus excellent drilling prospects...
...first time, both management and capital can be 100% foreign, and the government will guarantee free conversion of profits, to be split fifty-fifty, into hard currencies. U.S. oil companies have long been plugging for such a change. Caltex and Standard Oil Co. (New Jersey) are already negotiating for rights under the new law, which imposes only two major restrictions: 1) Spain's home needs must be met first, and 2) Spanish oil must be carried in Spanish tankers...
When another hardy group of correspondents rushed to find out how U.S. Caltex employees were faring in Rumbai, a town in contested Central Sumatra, they found a scene that made a novel page in war correspondence. Reported the New York Times's Bernard Kalb: U.S. kids were playing tag on a paved street, an American woman dived into a glittering pool, and "a couple of American men, sipping ice cream sodas to the tune of jukebox music, were chatting about what kind of season the Yankees would have...
...Surrender. As easily as that, the Indonesian government last week regained control of Pakanbaru, the heart of the U.S.-owned Caltex oilfields. The rebel commander, Major Sjamsi Nurdin, and his 800 troops were taken completely by surprise. Even worse, the rebels had cleared the airstrip of oil drums only the day before, to enable trucks to pick up guns and ammunition dropped by a four-engined plane of unidentified nationality...
...proverb: Lots of noise but little action. Although most of the $125 million worth of oil installations had been prudently shut down several days before the invasion, one U.S. contracting company, disregarding the war, kept right at work on a road and pipeline linking the oilfields with the seacoast. Caltex announced that, with government permission, it would resume operations this week...