Word: oil
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Dates: during 1950-1959
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...quiet, young (43), round-faced Alberta oil millionaire last week became the largest single stockholder in Trans-Canada Pipe Lines Ltd., the vast and controversial enterprise that will bring Western gas to Eastern Canada. In Manhattan, Calgary Oilman Robert Arthur Brown Jr. bought the last of Tennessee Gas Transmission Co.'s Trans-Canada holdings, giving his fast-rising Home Oil Co. Ltd. a 12% holding in Trans-Canada (v. Texas Oilman Clint Murchison's 8%. and British American Oil's 5%). By buying out Tennessee at upwards of $25 a share, Bobby Brown replaced Tennessee...
...Bobby inherited the fledgling (250 bbl. daily) Federated Petroleums Ltd.−and his father's dream to become the biggest Canadian in the industry. Concentrating on buying up proven wens rather than on exploration, he had grown enough by 1955 to take over the 26-year-old Home Oil Co. Ltd., forming one of Canada's biggest independent oil producers. Home Oil managed to get 162,000 Trans-Canada shares in last spring's public subscription, later picked up 100,000 more (reportedly from the U.S. controlled Hudson's Bay Oil & Gas Co. Ltd.). buiit...
IRAN, whose two-year-old development program looks ultimately to a wholly free economy. Abol Hassan Ebtehaj, director of Iran's Seven-Year Plan Organization, said that his country will spend $1.1 billion in oil revenues to build "basic 'facilities which will create the climate necessary to stimulate private enterprise. Our philosophy is to develop and operate industry only when private capital is unable or unwilling to do so." While emphasizing that foreign capital is essential to the.program, Ebtehaj said that the country's greatest present need is for consultants, industrial managers, technicians. "Our need...
...saving excuse. Indonesia has had a 59% cost-of-living rise since 1953. largely because the government is so intent on exterminating the last vestiges of colonialism that it is likely to destroy every profitable form of enterprise in the process. Indonesia has failed to pass a mining-and-oil-exploration law that would bring in new foreign companies, will offer no assurances against confiscation of new capital. Indonesia's legislature has ordered a 35-hour week, though per capita income is an estimated 15% below the level under The Netherlands' rule, and the population is rising...
...exporting countries preferably invest in areas where they find preconditions legally and psychologically favorable . . . Examples of violations of private foreign rights, both in highly developed and less developed countries, are known to us all. Among the more recent are the methods applied in nationalizing properties of the Anglo-Iranian Oil Co., in expropriating the United Fruit Co. properties by Guatemala, and finally in expropriating the Suez Canal." Abs also cited instances of indirect interferences with the rights of private foreign capital. Among them: the withholding of essential raw materials, the refusal of import licenses and excessive taxation...