Word: petroleum
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Dates: during 1960-1969
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Since it is located midway between Venezuelan oil and U.S. markets, Puerto Rico has settled on oil and petrochemicals as a suitable basic industry. Two refineries have so far been put into operation, and this month construction begins on a major petrochemical complex. Financed 75% by Phillips Petroleum and 25% by Puerto Rico's Industrial Development Company, the new plant will ultimately generate a $600 million investment. Phillips' plants, along with satellite industries, will eventually employ...
...great day, early last month, aboard British Petroleum's offshore drilling rig Sea Gem, anchored 42 miles off the coast of Britain in the North Sea. Flow tests of the natural-gas pocket discovered at the site showed a capacity of 10 million cu. ft. a day, enough to supply the fuel needs of a town of 300,000 people and to prompt Britain's Minister of Power, Frederick Lee, to recommend building an undersea pipeline (at some $250,000 per mile) to bring the gas to land by late 1967 or early...
...that it could be towed to a new site, two of its ten legs suddenly collapsed and the platform sank, leaving five men dead and eight others missing. With it, Britain's hopes for a quick commercialization of the North Sea gas reserves received a setback. British Petroleum has a second rig under construction, but it will not be ready until late spring...
...sooner had British Prime Minister Harold Wilson called for a worldwide oil embargo against Rhodesia than Smith retaliated by cutting off all petroleum shipments to his black-ruled northern neighbor. The effect in Zambia was immediate. Gas stations closed. Cars coughed to a stop and were abandoned. A stringent emergency rationing system allowed each car owner less than a gallon a week. To conserve fuel, government offices eliminated the lunch hour, sent their auto-driving employees home in the middle of the afternoon instead...
...Italians have taken to business gift giving with a frenzy, heavily favor French champagne or Italian spumante, Scotch and cognac. Martini & Rossi, Cinzano and Carpano all send out packages or cases of their best vermouth. ENI, the government-owned petroleum combine, gives champagne in decorative holders; IRI, the industrial combine, sends cases of high-quality Maccarese wine. No one cleans up in Italy like the Italian police. Companies have taken up the custom, long observed by the populace, of giving them presents at Epiphany. One result is that on Jan. 6 it is often difficult to spot a traffic...