Word: caltex
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...last week headlined a series of articles on a startling economic theme: "Japan is at the mercy of the blue-eyed foreigners." The blue-eyed foreigners, cried Yomiuri, are U.S. businessmen in Japan, who are charging "exorbitant" royalty fees. Such American companies as Westinghouse, RCA and Caltex have been "very cunning" in their dealings. Concluded Yomiuri: "Japan was not defeated by General MacArthur but by General Electric...
PHILIPPINE OIL REFINERY, built and owned by Caltex Inc., will be the islands' first and the largest private investment in the Philippines. The $30 million plant, just opened 72 miles south of Manila, will employ 450, start with a refining capacity of 13,000 bbls. of crude oil a day for the expanding Asian market...
...normal after a while. Said a spokesman: "We will try to continue our operations in the north." But the two U.S. oil companies in Indo-China, Standard-Vacuum and Cal-tex, were not so hopeful. Stanvac closed down completely in Hanoi, was only doing a small business in Haiphong. Caltex took out everything movable. Said one veteran Caltex man: "Our experience in China, where we lost five huge refineries, taught us that there is no possibility of coexistence with Communists...
AUSTRALIA, which imports 7,000,000 bbls. of crude oil yearly, mostly from the Middle East and Indonesia, may soon have its own oilfield. West Australian Petroleum Proprietary Ltd., which is 80% owned by Caltex (jointly owned by the Texas Co. and Standard Oil of California) and 20% by the Australian firm Ampol, has just brought in the continent's first producing well 700 miles north of Perth. The news sent stock in Ampol's subsidiary, Ampol Exploration, soaring from $2.02 to $15.12 on the Melbourne exchange...
...China totaling about $1.3 billion. Since the Communists took over, the attrition rate has been tremendous. In some cases, "to safeguard China's security," the Reds have simply seized foreign assets, e.g., Britain's Shell Co. of China and the U.S.'s Standard Vacuum and Caltex oil companies. In China today, only about 15 Western companies still operate, with fewer than 250 Westerners running them. Almost all are located in Shanghai...