Word: consortium
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Dates: during 1960-1969
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Fighting the Giants. As weaker operators began to fall out during tortuous negotiations, a consortium consisting of Armour & Co., Continental Oil, and Loeb, Rhoades & Co., and headed by former Treasury Secretary Robert Anderson, soon emerged as the leading contender. Anderson was a steady visitor to Spain, even won an audience with Franco. Then, last November, Continental Oil pulled out of the Anderson consortium, and all its hopes were wrecked. A new group, including Gulf Oil, W.R. Grace, Texaco, and Standard Oil of Calif., entered the race with a combined bid. I.M.C. was left to fight it out with the quartet...
...hospitable terrain, following the movement of refineries to fast-growing inland markets, which cannot be supplied by costly, inadequate rail transport. So strong is the demand for oil now that even the expense of crossing the Alps is no longer an economic obstacle. Though T.A.L. cost its owners, a consortium of 13 oil companies led by Esso and Shell, an average $500,000 a mile, its Trieste terminal, where the first tanker put in from Kuwait last week, is advantageously close to Mideast and North African oil sources...
...tanker carried more than hull insurance; it also had P & I (for Protection and Indemnity), which is insurance against damage to persons, piers or other objects while the ship is in operation. The primary P & I insurer was the Marine Office of America in New York City, a consortium that carried $2,500,000 on the vessel. Union also had an undisclosed amount of P & I with other companies, enough presumably to match at least the $8,400,000 that Britons were talking about last week as the minimal total of losses...
...year to a record $255 million. To reduce imports, South Korea's first oil refinery, built two years ago at Ulsan, is being expanded, and another $50 million refinery is going up at Yosu, providing the base for a $100 million-a-year petrochemical industry. A four-nation consortium of firms is planning a $100 million iron and steel mill on the coast. Plans are also under way for $300 million worth of power plants that will more than double the country's generating capacity...
Mobutu searched the world for a new team of technicians, even dickered with a rival consortium about taking over the mines. In the end he found no one who would or could come...