Word: oilmen
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Dates: during 1960-1969
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...Argentines talk heatedly about oil. At one time, in a burst of nationalist fervor, foreign firms were forbidden from prospecting-only to have the government monopoly (Y.P.F.) do so poorly that most of Argentina's unfavorable trade balance came from importing oil. President Arturo Frondizi allowed foreign oilmen back in 1958. They have saved the nation some $170 million a year in imports by more than doubling oil production to 96 million bbl. annually. But there is also a feeling among many local Latins that contracts with foreign oilmen are too generous...
Instant Meals. The first wave of oil company diversification grew out of the companies' own products, as oilmen turned to producing petrochemicals from oil and gas. When that field became glutted, they began buying companies that made consumer products out of petrochemicals. Standard Oil of Ohio now owns the Prophylactic Brush Co. (toothbrushes), Phillips Petroleum makes plastic film for the packaging industry, and Continental Oil is preparing to market a detergent that does not clog sewers with foam...
...will not employ spectacular methods, which in principle I abhor." During the campaign he struck a nationalistic note by promising an "investigation" of what the International Monetary Fund has been doing "for and to" Argentina. He also promised to "an nul" the controversial oil contracts be tween foreign oilmen and the old Frondizi government. "But no one need be alarmed by this," he said. "Justice will be recognized, and if convenient to Argentina, they will be renegotiated." Illía plans to end the current state of siege, "return the armed services to their profession," create a national economic council...
...manufacturing sales-tax exemption that has been enjoyed by building materials and industrial machinery. Calgary's Keith Construction Co. has suspended sales of all houses now abuilding, and R. L. Grain, Ltd., a business-forms producer, has temporarily halted a plant it was planning for Toronto. Oilmen estimate that the proposal would cost them $20 million a year...
Perpetual Truce. But then Allah responded to the sheik's prayers-belatedly, but in overwhelming measure. Two vast oilfields have been tapped by British drilling teams, one at Murban in the sandy interior, the other in the shallow coastal waters of the gulf. Conservative oilmen estimate Abu Dhabi's proven oil reserves at about 3.8 billion bbl., which at present royalty rates would return some $1.4 billion over the years. Ridiculous, say other experts: on the basis of latest discoveries, reserves may be as great as 38 billion...