Word: ecuador
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Dates: during 1980-1989
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...Saudi Arabia, the cartel's largest single producer, with the remaining 200,000 bbl. being spread among other members. The group agreed to review its pricing and production arrangements in several weeks, when the organization's members gather for a previously scheduled spring conference in Quito, Ecuador. Said OPEC President Mani Said al-Oteiba of the United Arab Emirates: "If need be, we are ready to cut production to zero, and OPEC as a whole is prepared to cut back to 10 million barrels...
...area last year. At least 100 multinational companies now maintain their Latin American headquarters in South Florida. Though economic and political woes in Latin America are expected to slow the influx of tourists from the south, Miami will no doubt remain, as the late President Jaime Roldós of Ecuador put it, the "capital of Latin America...
...only four democracies in South America, along with Colombia, Ecuador and Peru, Venezuela has long been enthusiastic about using its petrodollars to spread its concept of democracy elsewhere in the region. Venezuelan President Luis Herrera Campíns, 56, calls his country's assistance program a campaign in favor of "democracy for the poor." Says Energy Minister Humberto Calderón Berti: "Venezuela's oil is the main stabilizer of the democratic system...
Chief among the new shrimpers is Peter Shayne, 46, a Los Angeles native. Shayne set up a sea urchin processing plant in Chile in 1968, but was expelled by the government of Marxist President Salvador Allende in 1970 as an unwelcome American businessman. Shayne eventually wound up in Ecuador with $20,000 in his pocket and decided to go into the shrimp-packing business; in 1974 he started his first shrimp farm. Now a millionaire, Shayne is one of dozens of wealthy shrimp farmers in Ecuador...
...profits are indeed substantial and have created a kind of gold-rush atmosphere in Ecuador. An investment of $1,200 to $2,000 per acre of shrimp pond could be returned in just six months. Says Joe Fischer, an aquaculture expert brought in from Hawaii by Shayne: "People are racing to get ponds dug, even when they have no idea what they are doing...