Word: petroleum
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Dates: during 1950-1959
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...Water now flows through 65 miles of 66-in., Israeli-made pipe to irrigate 50,000 Negev desert acres planted to cotton and grain. Israel has struck oil near Beersheba. Though foreign estimates indicate that Israel will be lucky if the find cuts her present $35 million-a-year petroleum imports by much, the first well is already producing 300 barrels a day for Haifa's refinery. Though foreign firms have not exactly broken down Israel's doors in answer to the Socialist government's invitation to invest, the $200 million that U.S. Jews have spent...
...Mesopotamia. The oil that calked the walls of Babylon and may have fired the furnace through which Shadrach, Meshach and Abednego walked unscathed now bubbles through huge pipelines to the Mediterranean. Its flow is so fabulous that it makes Iraq (pop. 5,000,000) the world's sixth petroleum-producing country...
...million on new mills since 1950, reported with rueful pride that it was a full year behind on some orders -and promptly laid on an additional $70 million expansion program. Western oil production increased nearly one-third during the year, and great new developments for Canada's petroleum industry lay right ahead: a $350 million pipeline eastward and a $120 million line southward to carry natural gas to Eastern Canada and the Pacific Northwest. In British Columbia, the Aluminum Co. of Canada decided that the new $300 million Kitimat plant was already outgrown and launched a $200 million expansion...
...contract provided that Ecopetrol will contribute a fourth of the capital investment and Colombia Cities Service Petroleum Corp. (a local subsidiary) the rest. The profits will be split in the same ratio. As is customary, the joint enterprise will pay a royalty to the government, as the owner of the underground...
With what was perhaps the best-spent $135 million in the history of business, the Standard Oil Co. (NJ.) in 1932 bought oil concessions under Lake Maracaibo to add to its Venezuelan affiliates. Now the Creole Petroleum Corp. (formed from those affiliates) is the biggest overseas investment in any single country by any U.S. company. It is also Jersey's best money earner, accounting for 48% of the parent company's dividend income in 1954. All by itself, Creole provides Venezuela with about 30% of government revenue. This week, in its fourth study entitled U.S. Business Performance Abroad...