Word: crude
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...taking over CNA, Gulf management hopes to buy a form of profit insurance. Kuwait, from whose oil fields Gulf gets more than half its worldwide crude supply, put curbs on production last year, and Gulf has been seeking ways to cushion the blow. Taking over CNA would also be attractive for other reasons: Gulf has a lot of excess cash on hand that could be used to greatly expand the insurance company's operations. The special tax benefits that Gulf enjoys as an oil company could provide a tax shelter for part of CNA's already considerable profits...
This Breslin seldom comes out. The fast-talk New Yorker conceals it assiduously. But it is there, and it explains the curious compassion that runs through Breslin's work. He's a tough guy, he writes strong, crude, simple prose. He likes it that way. But underneath....well.... Jimmy Breslin is a helluva firetruck ride. And it's worth hanging on to see what's under the hood...
First came the artillery barrage: a series of ads In U.S. and European newspapers warning petroleum buyers that Texaco Inc. would "pursue all legal remedies to recover crude oil illegally taken from it in Libya." Almost Immediately, the attack began. Texaco and Standard Oil of California sued in Italy to recover from a Sardinian refinery a total of 640,800 bbl. of crude. The companies contend that the oil was pumped from their concessions in Libya and sold by the government of Colonel Muammar Gaddafi in violation of their contract rights...
...companies were given until the end of September to agree, or risk 100% nationalization. Such big firms as Exxon and Mobil refused, and are seeking much larger compensation. Texaco and California Standard, which operate a joint venture called American Overseas Petroleum Ltd. (Amoseas), went further and stopped exporting crude from Libya for a time when port authorities insisted that invoices declare that the oil is 51% owned by the government...
...their Sardinian suits, the companies assert that, acting over their protests, the crude was twice loaded from Amoseas storage tanks in Ras Lanuf terminal aboard a ship that was to deliver it to the Saras refinery near Cagliari, Sardinia. The oil firms are suing Saras for return of the crude or payment of an estimated $2,000,000 cash for the cargo, on the ground that the oil still legally belongs to Amoseas...