Word: fueled
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Dates: during 1990-1999
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Earlier in the week Mahfouz resigned his post "to combat these false charges," and the same day silver plunged on European exchanges as his bank, Saudi Arabia's largest, dumped gargantuan amounts of the metal. The silver shock spilled into oil stocks, which helped fuel a 44-point slide in the Dow- Jones average on the New York Stock Exchange. Although silver and stocks recovered, the turmoil in those markets was the first close-to-home repercussion of the B.C.C.I. scandal in the U.S. It may not be the last...
...plants, was interested in backing the grant. But Zurn was not prepared to carry the $3.5 million freight alone. In December 1990 Otisca reluctantly withdrew from the DOE Clean Coal Round No. 2 and forfeited its grant. Otisca still had contracts with clients to supply varying amounts of its fuel. But none of them was willing to put up the big stakes necessary to convert significant power plants from oil to Otisca Fuel...
Amid all this disappointment came yet another prospect for survival. CSX Corp., parent of the Chesapeake & Ohio railroad, took an interest in Otisca as a possible source of fuel for a pilot cogeneration plant it was planning at the Greenbrier Resort in West Virginia. As the nation's largest transporter of coal, CSX had an interest in promoting its use and export. Engineer Mack Shelor, an executive with CSX's energy resources and logistics division, learned through some contacts that Otisca was the only firm capable of producing a coal-based liquid fuel that would meet the specifications...
...Cogen" plants produce power by burning oil, natural gas or coal, translated into electricity or steam. The CSX Greenbrier project was designed to burn both oil and Otisca Fuel to produce electricity for Virginia Electric & Power, the local utility. Even if they don't get federal assistance, Shelor hopes to build the Greenbrier plant. Alternatively, he and Smith are discussing a deal that would use coal wastes to make Otisca Fuel as a direct substitute for No. 6 fuel oil. The prospect of making money the old-fashioned way, by earning it through the sale of cogenerated power...
...entirely a victim of others' shortsightedness and bad timing. Customers, investors and board members acknowledge that the company has made mistakes; its marketing has been less than sophisticated, and Smith and Keller probably should have moved the company closer to the mineheads and the factories likely to buy their fuel. Some board members questioned Smith's ability to run a corporation larger than an extended machine shop. "He thinks there's only one way to do things," says board member Speicher, "and that's his way." For a time, Otisca employed a marketing specialist, but to little effect...