Word: oiling
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Dates: during 1950-1959
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...Saudi Arabia are supposed to pay the equivalent of about $36 million a year to Jordan in place of the old British subsidy. But nobody in Amman who knows the score thinks the new deal is worth much because the "donors" themselves are pinched and overdrawn, even the oil-rich Saudi Arabians. The State Department expects King Saud to tell President Eisenhower this week that only Saud can save Jordan, and that the only way to do it is to give him the money to pay Jordan. On Saud's heels will come Iraq's Crown Prince Abdul...
...building-expansion program. There to wield a special silver shovel were Donors Nina Cullinan (daughter of Texas Co. Founder Joseph S. Cullinan), who is putting up more than $430,000 for a new, ultramodern, Mies van der Rohe-designed museum wing, and Mrs. Olga Wiess (widow of Humble Oil Co. Co-Founder Harry Wiess), who with other Texans, including the Jesse Jones family, contributed enough for remodeling and air-conditioning the present galleries...
Some profit pictures were much brighter. Oil-industry earnings were pushed up by heavy demand arising from the Suez crisis. Sinclair's net shot up 13% to a record $91 million in 1956. Socony Mobil estimated earnings at $250 million, up from $208 million in 1955. Shell Oil hit $135.8 million, for an advance of $10.3 million...
...Gulf Oil, which spent $2,000,000 drilling for oil in Italy and discovered one potentially large field in Abruzzi on the Adriatic, last week struck its rig, announced that it was "renouncing the oil search and oilfields exploitation on the Italian continent." With that, the last U.S. company in Italy stopped hunting oil on the mainland, leaving a clear field to the state-owned Ente Nazionale Idrocarburi (formerly the Fascist A.G.I.P.) that has grown under government pampering into a $100 million combine with a stranglehold on Italy's oil and natural gas. Four years ago, after spending some...
Gulf's decision followed passage of a new oil law by the Chamber and Senate after long debate. The law sets up a sliding royalty scale splitting the profits 60-40 in favor of the government, instead of the usual 50-50 split. It also contains a set of clauses designed to favor E.N.I. Example: when a private company brings in a new field, its concession is automatically restricted to 7,413 acres around each well, thus allowing E.N.I, to move in and buy up the land all around the proven field...