Word: lago
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Dates: during 1940-1949
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Wealthier grew the Blausteins, fatter grew Pan Am. Pan Am acquired famed Lago Petroleum on Venezuela's Lake Maracaibo, built the great Aruba island refinery in the Dutch West Indies. For 1932, Amoco and subsidiaries turned in a net profit of $4,149,200, up 1,075% from the year the Pan Am deal was made. But meanwhile Louis Blaustein awakened one morning to find his worst fears confirmed: Standard of Indiana, after quietly buying up Pan Am stock, was in control of the production and refining end of his business...
...began to feel the squeeze. First its domestic crude supplies and pipe lines were sold to a Standard of Indiana subsidiary. Next, in 1932, all Pan Am's foreign holdings were sold. The purchaser: Standard of New Jersey, which got the famed Lago properties and the Aruba refinery (now the heart of Standard of New Jersey's foreign production), a fleet of 29 tankers, plus refineries in Mexico, Germany. Amoco became dependent once more on Standard of New Jersey for its oil and gas, was right back where it had started...