Word: mobil
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...than any other industry group. Oil companies were the first multinationals, and the wide spaces between deposits and consumers has made oil the world's most international industry. The oil trade is also one of the most concentrated industries--seven companies, Standard Oil of New Jersey, Royal Dutch Shell, Mobil, Texaco, Gulf, Standard Oil of California, and British Petroleum, account for over a third of oil investment, and over half of world-wide sales...
...Although British Petroleum has a 40 per cent interest in Iranian oil, a concern owned jointly by the Dutch and the British--Shell, 11 American companies, and a French concern all have minor interests. The most important of these cartels is Aramco, formed by Standard Oil of New Jersey, Mobil, Standard Oil of California, and Texaco in partnership with the Saudi Arabian government, which controls the richest oil deposits in the world...
...COMPANIES have been posting enormous profit increases-up to 90% in the third quarter for Gulf. Rising prices will surely keep profits up, but the oilmen nevertheless have problems: they may have to close some refineries because of an inability to get crude. Mobil last week announced that after Dec. 31 it will "mothball" an East Chicago refinery that has been processing 47,000 bbl. per day of crude for small independent oil companies. Small oil distributors will be really pinched. John Fiore has been supplying diesel fuel to barges, tugs and fishing boats in Boston harbor for 40 years...
Last year the two committees differed on a number of issues. The ACSR shareholder resolution that would have forced Mobil Oil's South African affiliate to institute an affirmative action program for granting equal treatment to its black and white employees; the subcommittee, which makes the final decision on how Harvard votes, abstained, saying the resolution might force Mobil to act illegally under South African...
...militant Gaddafi decreed that Libya would take over a 51% interest in all foreign-owned oil operations and pay the companies what they had actually invested, less depreciation. The companies were given until the end of September to agree, or risk 100% nationalization. Such big firms as Exxon and Mobil refused, and are seeking much larger compensation. Texaco and California Standard, which operate a joint venture called American Overseas Petroleum Ltd. (Amoseas), went further and stopped exporting crude from Libya for a time when port authorities insisted that invoices declare that the oil is 51% owned by the government...