Word: consortium
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Dates: during 1960-1969
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...were discovered by Esso and Shell on the mainland four years ago in the course of a search for oil. The Dutch government, shrewdly invoking a vague Napoleonic law of 1810 that claims all underground natural resources as state property, forced the two oil companies into a state-dominated consortium called NAM (for Nederlandsche Aardolie Maatschappij). The government takes 73% of its income, leaves 27% for Esso and Shell, and so far has granted every natural gas concession to NAM. Lately rumors of huge finds on the islands have brought other companies rushing in with hopes of getting a piece...
...last some modern contractors are going to clean up after Lawrence & Co. In Riyadh next week, government representatives from Jordan, Syria and Saudi Arabia will sign a $28 million contract with a British consortium-Alderton Construction Co., Ltd. and Martin Cowley, Ltd.-to renovate the German-designed railroad. A team of 200 engineers, working from air-conditioned railway cars, will direct an army of Arab laborers as they rebuild 55 stations and 1,900 bridges and culverts, lay 750,000 ties and 23,000 tons of rails at a planned rate of one mile...
Brand-New City. The financial genius behind Nimba is Swedish Financier Marcus Wallenberg, 64 (TIME, June 7), who saw the opportunities in Liberia and knitted together half a dozen Swedish mining companies and U.S. and German financial interests into a complex consortium called LAMCO-Libe-rian American-Swedish Minerals Co. LAMCO dispatched Geologist Clark to Nimba when almost everyone else in Liberia was searching elsewhere for iron. After Clark's discovery, President William Tubman's government gave the company exemption from taxes and a mining concession until 2023 in return for half ownership of LAMCO. A substantial junior...
Still, Liberia has compelling reasons for not wanting to alienate LAMCO. Partly in anticipation of rich revenues from the consortium, President Tubman and his ministers went on a spending and building spree that landed Liberia in bad financial straits last spring. Tubman, 68, had to promise the International Monetary Fund that Liberia would enact fiscal reforms in return for an IMF loan to tide the country over until its profits from LAMCO begin to build up in six or seven years...
...rising in the abundant streams and rivers that feed the Tigris and Euphrates, those watering founts of ancient civilization. Going up on the Black Sea coast at Eregli is a $235 million, government-subsidized iron and steel complex that will be stoked by coal from nearby deposits. A consortium of Royal Dutch/Shell, British Petroleum and Mobil Oil built a $56 million refinery that started cracking at Mersin on the southern coast last year. Recently Goodrich, U.S. Rubber and Italy's Pirelli set up plants in Turkey, and Chrysler will soon begin to assemble trucks. German businessmen opened a mushroom...