Word: petroleum
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Dates: during 1960-1969
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...about $40 million for an SST. Modern superhighways cost more than $2,000,000 a mile. Chase Manhattan Bank Chairman George Champion notes that in U.S. factories, capital investment per production worker has risen from $550 a century ago to almost $20,000 today; in the petroleum-refining industry, the figure is more than $250,000. The capital investment in a medium-sized U.S. farm is about $80,000-double what it was 15 years ago. In the next five years, the nation's steel producers intend to invest about $12 billion to expand, modernize and automate. Then there...
Last week the Gas Council, with an obvious advantage in the bargaining, won its point. The council signed its first major sales agreement with a consortium headed by Phillips Petroleum of the U.S. and including Petrofina of Belgium, Italy's state-owned oil company AGIP, and a string of individual British investors. In 1969, the Phillips group will begin pumping natural gas ashore from its field at Hewett Bank, 20 miles off the East Anglican coast, under a 25-year contract that calls for a buildup to 350,000,000 cu. ft. daily by the seventh year...
TRADE Italy to Russia In the Volga town of Togliatti, Fiat is building a plant for the Russians that will eventually turn out 600,000 cars a year. Last month Pirelli concluded a $50 million deal to make rubber parts for the Fiats. Italy's state-owned ENI petroleum company is ready to build a pipeline from the Ukraine to Trieste. Olivetti is in the midst of talks to supply the Soviet Union with office equipment. Almost weekly some new deal is announced in which an Italian company snaps up a contract in Russia. The man most responsible...
EXECUTIVES Able, Agressive-and Out When he became the $150,000-a-year chairman and chief executive officer of Cities Service Co. two years ago, John L. Burns admitted that his experience in the petroleum industry amounted to knowing how to "fill the tank of my car." Yet he figured that he could do the job through pure executive ability...
Apparently, he was wrong. Last week Cities Service, the U.S.'s twelfth largest oil company, announced that Burns, 59, was leaving, in the usual amicable way to pursue the usual other interests of his own. Charles S. Mitchell, 58, who has spent 37 years in the petroleum business, moved up from the Cities Service presidency to succeed Burns...