Word: consortia
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Council, which, as sole purchaser of any gas found under British waters, has been stubbornly holding out for the lowest possible price. The oil consortia, led by Shell and Esso, demanded at least 3.25 cents per therm (the amount of heat generated by 100 cu. ft. of North Sea gas). The Gas Council insisted on paying no more than 2.1 cents per therm, arguing for a price pegged to production costs rather than to the higher market value of the fuel...
Luxembourg is delighted. About $10 million in tax revenue has been collected from holding companies so far, and that is insignificant compared to the benefits reaped by Luxembourg's banking community. Local banks often participate in underwriting consortia, manage bond issues and act as paying agents. Says Professor Jean Blondeel, president of Kredietbank Luxembourgeoise, which has trebled its staff since the boom got under way: "We are the Switzerland of the Common Market...
...Priming himself with a civil engineering degree at London's King's College, Calouste visited the Baku oilfields in 1888, and in his 20th year wrote an authoritative book on the Baku petroleum industry. It was the overture to decades of what Gulbenkian called "orchestrations" -concessions, mergers, consortia, nervy negotiations, adamantine patience. The conclusion consisted of the words "to C. S. Gulbenkian ... in perpetuity, 5%" of the Iraq Petroleum...