Word: caltex
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...difficulties. Sumatra is rich in rubber, tin and coffee, provides some 72% of Indonesia's export revenues, v. Java's 17%. The rebel government made clear that its pressure on Djakarta would be primarily economic. As a beginning, it ordered Sumatra's oil companies (BPM. Stanvac. Caltex) to cease deliveries to Java and halt payment of tax revenues...
After five years of waiting, the U.S. oil industry finally got a lower court verdict on suits brought against three of its big gest companies by the Government. The defendants: Jersey Standard, Socony-Mobil, Caltex (owned jointly by the Texas Co. and Standard of California) and six subsidiaries. The charge: price-gouging to the tune of $111.5 million on Middle East oil supplied to Europe under Marshall Plan financing. Between 1949 and 1952, the Government charged, the companies sold oil to the Economic Cooperation Administration...
...District Judge Thomas F. Murphy ruled that Caltex, the only one of the three so far brought to trial, was not guilty. At exactly the same $1.75 price, said Caltex, it sold twice as much oil on the free market to willing European customers as it sold through ECA. Ruled Murphy, throwing out the Government's claim to $65.7 million in damages: "The defendants' proof showed beyond contradiction that the prices financed by ECA were in fact the lowest competitive market prices. Throughout the entire period ECA continued to finance at such prices, which perhaps more than anything...
...three years U.S. oil companies (among them Gulf, Jersey Standard, Socony-Vacuum, Caltex) have been urging the Italians to modify their restrictive 1927 mining law, passed under the Fascists. The companies hoped for the prevailing 50-50 split of profits after taxes -the successful formula in Saudi Arabia and booming Venezuela. They also wanted the opportunity to compete on an equal basis with E.N.I., the government's oil monopoly, a swiftly growing octopus directed by a smart and aggressive apostle of state socialism named Enrico Mattei...
...export markets from Australia to Canada-to the consternation of U.S. textilemen. Japan's petroleum industry, which in 1949 had to import 92% of its finished petroleum products, last year was able to produce 90% of the products at home, due largely to some $71 million invested by Caltex, Standard-Vacuum, Union Oil and Tide Water. By agreements signed with Armco International Corp., Japanese steelmen have been able to cut costs 5% and boost strip steel output by 90%. In the electronics industry, RCA's royalty of less than 2% on each TV set produced in Japan...