Word: oil
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Dates: during 1950-1959
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...Place. Libya was only an episode in a Mattei campaign that threatens to upset all the painfully negotiated agreements between Western oil companies and Arab governments in the Middle East. Mattei calls it a feud, and dates it from the day he applied for partnership in the international consortium that now runs the rich Iranian oilfields. "At the time," recalls Mattei, "E.N.I, had only two drilling rigs and no experience. The consortium laughed and denied me my place at the table...
Mattei set out to harry the major U.S. and British oil companies with every means at his disposal. He tried unsuccessfully to drive foreign oil firms from semi-autonomous Sicily, succeeded, through his influence over the Italian Parliament, in getting them excluded from Italy's promising Po Valley. Then, in a far more ambitious challenge, he began to move into the Middle East, offering Arab governments terms seemingly more generous than the standard fifty-fifty split negotiated by British and American companies. Under one such agreement, an E.N.I, subsidiary is now producing some 600,000 metric tons of oil...
Moscow prepared to receive an official Argentine equipment-buying mission of delegates from the state-owned oil monopoly, the state railways, the government's Coal Board and its Water and Power Board. Said the mission's chief, Under Secretary of Industry Raul On-darts: "We urgently need machinery and capital goods. We do not care where they come from." In Brazil, top government officials re-examined their anti-Red-trade policies; President Juscelino Kubitschek said he knew "what dangers negotiations can lead to," but pointed out that Soviet-bloc countries "offer economic prospects that deserve to be studied...
Adroitly, the new Soviet economic offensive in South America focused on a pair of sensitive issues: U.S. oil policy and U.S. trade and tariff policy...
...Oil. In the U.S., private-enterprise development of petroleum has been vastly successful, but Brazil and Argentina have long since adopted the French-Italian pattern of state oil enterprises. Frankly trying to export the private-enterprise concept, Washington has long refused loans to public companies...