Word: kuwait
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Dates: during 1960-1969
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Founded in 1960, OPEC now has eight members-Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia and Venezuela-and controls 90% of the world's oil exports. "Oil is the only resource that God gave us," says OPEC's secretary-general, Fuad Rouhani, 56. "We are not so much underdeveloped nations as we are underpaid nations." Having rebuffed the oil industry's big eight (five of which are U.S. companies), OPEC plans a meeting in the Saudi Arabia capital of Riyadh later this month to decide what is next...
...wind-whipped Waddenzee Islands of The Netherlands last week, battered landing craft disgorged load after load of equipment and intense men from as far away as Texas, Kuwait and Brunei. Growling Land-Rovers raced up and down sandy stretches recently surrendered by vacationing Dutchmen; helicopters whirred overhead. The invaders represented some of the 24 oil companies that are gunning for a share of the world's second largest natural gas deposit (after Texas). The Dutch government conservatively estimates that 1,100 billion cubic meters of gas bubbles under the Waddenzee Islands and the northern provinces. Others reckon that...
...about $150 million, Gulf intends to acquire Kansas City's young and spunky Spencer Chemical Co., which last year earned $6,500,000 on sales of $106 million. Gulf, whose cashbox is bulging from oil gushers in Kuwait, was moved by the same considerations that drew its competitors to fertilizer companies. Ammonia from crude oil is a key ingredient in fertilizers, and Spencer has been buying a lot of it from Gulf. U.S. fertilizer sales have been growing 10% a year, as farmers pour on more of it to coax higher output from their Government-limited acreage allotments. Meanwhile...
...quarter") seemed so desolate that "not even Allah had been there." But under these simmering sands American geologists discovered a sea of oil, and the company that tapped it-the Arabian American Oil Co.-has become one of the world's two largest single oil producers. (The other: Kuwait Oil Co., jointly owned by Gulf and British Petroleum...
...Hiltons in Paris, one at Montreal airport, and others in Brussels, Honolulu, Tel Aviv, Guadalajara, Rabat, Mayagüez, Tunis, San Francisco, Milwaukee, Worcester, Mass., and Washington, D.C. Soon to be started are hotels in Curaçao, Cyprus, Addis Ababa, Dublin, Manila, Caracas, Barbados, St. Paul and Kuwait. Fortnight ago, Hilton added the Dorado Riviera in Puerto Rico to his empire, and last week he took over the Arawak in Jamaica...