Word: mattei
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Dates: during 1950-1959
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Italians agree that Enrico Mattei is some go-getter. A policeman's son, slim, faultlessly tailored Financier Mattei in 14 years has built the state-owned ENI oil and gas monopoly from a stagnant relic of fascism into the nation's most powerful business enterprise, a sprawling empire that also makes soap and margarine and manufactures iron and steel. But Mattei has many enemies who dislike his contempt for private enterprise, resent his roughshod methods, and fear the considerable political power he wields as ENI's boss...
...Fanfani prepared to leave for Washington to confer this week with President Eisenhower, Fanfani's ambitious friend Enrico Mattei, boss of Italy's state oil monopoly, E.N.I., gave the subject one kind of thoughtful attention. He hopped over to Morocco to sign an agreement giving him exploration and exploitation rights for the oil in an null tract in the Tarfaya province in western Sahara. The split: 75% of the profits for Morocco, 25% for Italy's E.N.I...
Coming atop deals engineered by Mattei in Iran and Egypt that upset the old pattern of fifty-fifty profit splits between private companies that took the risk and the governments that granted concessions, his latest end play won Mattei no gratitude in London or Washington...
...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...
...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...