Word: ownership
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Dates: during 1970-1979
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...during 1972 under the oil firms' present contract with OPEC members. Still not satisfied, the oil countries continued their relentless search for new reserves of green. In Geneva, they barely had time to celebrate their victory before they went back into negotiations to discuss their second goal-partial ownership, or "participation" in foreign companies' production facilities in their countries...
...allotted to television networks, including technical personnel who will perform partly on a pool basis. Wire services and national magazines may get another 20. Only 30 will be left for daily papers. No more than one correspondent will be allowed per publication, and Ziegler has approached papers with common ownership to request that they double up on coverage...
...devaluation of the dollar, the currency in which oil payments are calculated. The oil countries called for a compensating increase of 8.6%, thereby setting a sort of black-gold standard paralleling the monetary one. In addition, the exporting nations are asking for " participation," meaning some form of ownership, in the companies' production operations...
...their part, oil-company negotiators point out that the contracts already provide for 2.5% annual increases, which will help make up for currency fluctuations. As for the participation demand, the companies are understandably wary of transferring part ownership under decree, even if OPEC governments pay for their share, as they have promised...
...concessions on both points. Seized by the spell of economic nationalism, more and more of them are threatening to take drastic action. The Iraqis have demanded a 20% share in the production facilities of Iraq Petroleum Co., which is owned by five international oil firms, including Jersey Standard. The ownership plan bogged down in the face of the company's compensation claims growing out of a government seizure ten years ago. To speed things up, Iraqi officials announced ominously that they were "scrutinizing closely" current financial records. In Venezuela, under a recently passed Petroleum Reversion Act, the government...