Word: mattei
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Dates: during 1960-1969
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Taking smaller profits himself, Mattei is giving his rivals trouble in Asia, Africa and Europe. In Iran he undercut private companies by offering the government 75% of the profits instead of the usual fifty-fifty on any oil he found. In India this year, he made so tempting an offer that the U.S.'s Stanvac, a subsidiary of Standard Oil (N.J.), withdrew from the bidding...
...throughout the oil world from Baghdad to Manhattan last week that Iraq, out of pique at Britain, was planning to nationalize its oil industry, worried oilmen instinctively turned their eyes to Rome, as Iraq's likeliest collaborator. There, in a modest Rome office, sits lean and nervous Enrico Mattei, 55, the chief of Italy's state-owned oil and gas monopoly, called E.N.I, (for Ente Nazionale Idrocarburi). By shrewdly bargaining with any government that wants to deal in oil, Mattei has made E.N.I, so powerful that Italians dub it "the state within the state...
Though Iraq heatedly denied that it had approached Mattei to supply 500 technicians or that Baghdad even considered nationalizing the giant Iraq Petroleum Co.,* a Mattei aide confirmed that the Iraqis have been dickering with E.N.I, as long as a month...
...That Is Excessive." Power-thirsty Enrico Mattei is driven by his longstanding price fight with the West's big private oil companies (which he mockingly calls "the seven sisters"). "Prices are formed in the Middle East," says Mattei. "The big companies spend 15-20% of their take on production, exploration, research-everything. They pay 40% royalties to the sheiks, and they take 40% profit. That is excessive...
...same way Fidel Castro, who pumps Soviet oil through confiscated U.S.-owned refineries, pays in both money and sugar for the 2,500,000 tons of crude he is scheduled to get from Russia yearly. To get into the important Italian market, Moscow signed up with Oil King Enrico Mattei's mammoth state-owned ENI oil monopoly to deliver 12 million tons of oil in 1961-64 in exchange for 240,000 tons of steel pipeline tubing and 50,000 tons of synthetic rubber. The cost works out at about half the normal price for Persian Gulf crude...