Word: esso
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...complex, christened the Salonika Industrial Development Plan, was conceived by Boston Financier Thomas A. Pappas, 64, and includes projects by three U.S. companies. Esso Pappas, a partnership between Pappas and Jersey Standard, has started work on Greece's second oil refinery. "Within 19 months," promised Jersey Executive Vice President William R. Stott, "this bare earth will be covered by a refinery producing 50,000 barrels a day of petroleum." Esso is also building a 200,000-tons-a-year ammonia plant, Republic Steel is expected to operate an $85 million steel mill, and the Ethyl Corp. will...
Pappas, who has become chairman-general manager of Esso Pappas, is a Greek-American bearing gifts to his motherland. Born Antonios Papadopoulos, he was taken to Boston as a child, eventually shortened his name because "it was easier for my American friends." He and Brother John expanded their father's modest grocery and imported-foods business into a profitable range of activities that now include imported liquors, real estate and shipping. They have also financed a Greek light-bulb factory and building-products plant. On frequent trips back to supervise, Tom Pappas noted the improving Greek economy, began serious...
...world's need for power grows. Right now, the biggest, the most expensive and the most melodramatic search is taking place in Europe's North Sea. Convinced that the North Sea covers the world's biggest bubble of natural gas, such major oil companies as Esso, Shell, Texaco and British Petroleum are scrambling to win a share of it, plan to spend $100 million on exploration and test drilling in the next three years. The stakes are so great (billions of dollars in gas sales to the Common Market) that last week the question of who owns...
...have been after the North Sea sixpence ever since Esso and Shell in 1960 found a mammoth gas pocket (estimated reserves: 1 trillion cubic meters) in the Dutch coastal province of Groningen, near the German frontier. Studying their maps, they concluded that the pocket extended far beyond Groningen out under the sea, last year began exploring the bottom. Seismographic tests were unanimous; though no gas has actually been found at sea, geologists are now convinced that the North Sea hides tens of trillions of cubic meters of gas, dwarfing even the two trillion cubic meters under the Texas Panhandle, long...
...biggest pockets of gas are now thought to lie in the waters off Germany. Bonn's Ministry for Economic Affairs has more than 25 requests for permission to drill in German waters, including one by the German-American North Sea Consortium that includes Socony Mobil, Indiana Standard and Esso. The consortium is prepared to spend $25 million this year and next drilling for gas off the German coast, and will soon start to drill near the island of Borkum...