Word: gulf
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Dates: during 1950-1959
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...Presidents went together to pray at Cairo's great Al Azhar mosque, where the imam, ending a sermon broadcast from the Atlantic Ocean to the Persian Gulf, told them, "Bless you both. March hand in hand and lead a united Arab nation to glory...
...boss of Italy's state-run oil monopoly (ENI), Enrico Mattei is a bitter foe of private enterprise. In 1957 he bulled through a punitive Italian oil law which put such restrictions on private oil companies that Gulf, the last U.S. firm wildcatting on the peninsula, got out (TIME, Feb. 4, 1957). Five months ago he got a concession in Iran in return for a promise to turn over 75% of oil profits, thus overturning the fifty-fifty pattern now in effect in the Middle East...
...last week in Sicily, which encourages private enterprise (TIME, Dec. 9), Mattei got his comeuppance from private enterprisers. They had gathered to discuss the thriving new oil industry on the island, which had been started after Gulf brought in the first well. Mattei appeared at the meeting to try to grab some credit for what had happened. For an hour he decried private initiative, said that only his "army of technicians." which are "perhaps the best in the world." can properly serve the interests of Italians and Sicilians...
...rose big, suave Prince Nicolo Pignatelli Aragona, president of Gulf's subsidiary, Gulf Italia, and tidied up the facts. "Although constantly being attacked," he said, "private enterprise is the most powerful instrument for social and economic development wherever it is given a competitive chance." Since first striking Sicilian oil in 1954 at Ragusa (where ENI had tried and failed), he pointed out that Gulf has drilled 34 holes, and that 31 of them are now producing 22,000 bbl. a day-only half of eventual capacity. In contrast, ENI's subsidiary, AGIP Mineraria, has moved into Gela...
...told, Mattei's ENI produces only 200,000 tons of oil a year in all of Sicily and Italy, and Italy must spend $510 million to import enough oil for its needs. From its Ragusa field alone Gulf expects to produce 1,600,000 tons this year, eight times as much...