Word: petroleum
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Dates: during 1950-1959
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...model prisoner, the governor three times reduced his sentence. Last week, while working on a garbage detail ten days before his release, Prisoner Brown got some news that would make his coming-out party a real success: he was about to become a rich man. The Magnolia Petroleum Co. had run a test well on Brown's New Mexico ranch, had struck oil-1,400 barrels a day. The royalties from the one well alone would bring him in close to $840 a month, and the company was still drilling...
...Iraq Petroleum Co. took its lesson from the drive for oil nationalization in neighboring Iran. Twenty-four hours after Iraq's Premier Nuri Al Said warned last week that the oil company might be nationalized, if it did not meet the government's demands for higher royalties, I.P.C. offered Iraq a better deal. The offer: a 50-50 split of the profits -similar to the Aramco-Saudi Arabia arrangement and to the last-minute offer of the Anglo-Iranian Oil Co. which was ignored by Iran's government...
...Iraq Petroleum Co., which produced 136,000 barrels of oil daily in 1950 (1.3% of total world output), mostly for the European market, is owned jointly by Anglo-Iranian (British), Compagnie Française des Petroles (French), Royal Dutch-Shell (Dutch-British), and the Near East Development Corp. (Socony-Vacuum, Standard Oil Co., N.J.), each with 23.75% of the shares. The remaining 5% is owned by shrewd old Manipulator Calouste Sarkis Gulbenkian (TIME...
Only six weeks ago, Razmara carried enough weight in the Majlis to win an overwhelming vote of confidence. Within a few hours of his death, 15 members of the parliament's petroleum commission voted unanimously in favor of the assassin's program: nationalization...
Peron's proletarians acclaimed his action and thundered for more. The bank-clerks' union swore never to cash another La Prensa, check, the petroleum-workers' union never to fuel another La Prensa truck. Eva Peron's General Confederation of Labor proclaimed the Peronista program : expropriate La Prensa forthwith...