Word: dhabi
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Dates: during 1970-1979
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...underwriters-including the Abu Dhabi Investment Co.-were involved in the syndicate selling the issue, and their losses may run as high as $25 million. The main reason was that the Federal Reserve Board jumped the gun in pushing up the discount rate to banks to a record...
Food can be grown in the most hostile environments, Coca-Cola's technicians have discovered. In the deserts of Abu Dhabi, for instance, they are raising quantities of plump tomatoes, cucumbers and beans for 10? per Ib. The trick is to grow them under an inflatable plastic dome, which captures the air's available moisture instead of allowing it to evaporate under the searing sun. Also, J. Paul Austin explains, carbon dioxide is pumped in from diesel exhausts, and the gas promotes plant growth...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...
...cartel's profit motive was much in evidence at an Arab energy conference in Abu Dhabi last week. Delegates bitterly attacked Western oil companies for trading oil back and forth among themselves at extortionate prices on the small but highly volatile spot market. Mani Said Utaiba, Oil Minister of the United Arab Emirates and president of the cartel, suggested that at its next meeting on March 26 in Geneva, OPEC should take up the idea of blacklisting offending companies and refusing to sell oil to them...
Exploiting the shortage, Abu Dhabi and Qatar last week added a 7% surcharge to the 1.8 million bbl. per day that they produce. The increase is on top of the 5% OPEC rise that took effect last month and lifted the basic price to $13.34 per bbl. The cartel had scheduled a raise in steps to $14.55 by October. But at the present rate of increase, oil from Abu Dhabi and Qatar then would be selling at $16.32 per bbl. Other oil producers, notably such anti-Western militants as Libya and Iraq, are expected to make similar increases. Says...