Word: crude-oil
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Jersey Standard routinely labeled the seizure "a clear violation of international law" and asked the State Department to refrain from stepping in actively. One reason for the company's restraint was that Peru accounts for less than 1% of its total crude-oil production. The company also figures that Peru, which has to import oil to meet its needs, can ill afford to tamper with domestic oil sources. For the moment, Peru's militarists were in no mood to yield. But there is at least a chance that the junta, having scored a few political points, may eventually...
Expanding Backward. Even in a business with more mavericks than most, Ashland is a curious operation. Organized in 1924 by Paul Blazer, late uncle of the present chairman, it expanded backward. Rather than develop crude-oil supplies first and then build refineries and markets, Ashland built its markets in the south-central states, expanded its refineries as the markets grew. Ashland still buys most of its crude oil, hauls its purchases with its own barge fleet, one of the Ohio River's largest, or by means of 5,000 miles of Ashland-owned pipeline. Critics accuse the company...
...years, Al Meadows, 68, built General American Oil Co. into one of the nation's leading crude-oil producers, with affiliates in Europe and Canada, controls it with stock worth $68 million. "In oil and real estate, sometimes I've made $500,000 in a day-never made a really bad deal," he boasted. "Al operated on the same code in buying art that he did in oil," says one of Meadows' closest friends. "A man's word and handshake were good enough...
Western Europe is now so thoroughly laced with buried pipe that T.A.L. may be the last of the big crude-oil pipeline projects. Even so, there is still plenty of need for new lines to carry gasoline and other refined products. It is initials that are in short supply. T.A.L. itself will soon spawn A.W.P., a 258-mile spur to Vienna. And some of T.A.L.'s oil will be shunted along from Ingolstadt to Karlsruhe via R.D.O. (Rhine-Danube Oil Line). Since that means reversing the flow through R.D.O., which was originally built to supply Ingolstadt, the line already...
...pumping a modest 100,000 bbl. a day, BP Bunker Hunt ranks fifth among the majors operating in Libya. But it has enormous potential, because of its concessions in the huge Sarir field. To exploit its holding, BP Bunker Hunt has built a capacious crude-oil pipeline leading from its rigs in the Sarir to Marsa Hariga. Running 320 miles, the 34-in., multimillion-dollar line could ultimately carry almost 1,000,000 bbl. at a clip. It is buried six feet beneath the dunes in order to keep the oil liquid during the chill desert nights. The pipeline runs...