Word: petroleum
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Dates: during 1960-1969
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Neither nation, fortunately, had enough petroleum, spare parts or ammunition for a protracted...
Peanuts & Petroleum. Even before Britain withdrew five years ago, Nigeria had a flourishing trade, exporting peanuts, cotton, palm kernels and cocoa and importing in exchange manufactured goods, foods and tobacco The first native millionaires made their money by competing with the white man for his trade. Among Nigeria's richest businessmen is Alhaji Sanusi Dantata 46, who buys and ships much of the rich Kano region's peanut crop. Dantata's agents last year bought 84,000 tons from small farmers, paid with traditional handfuls of coin counted out in dusty village squares. Sir Odumegwu Ojukwu...
...controls or owns part of ten companies, including a tanker fleet and a charter airline. Emmanuel Akwiwu, 43, earned law degrees at Cambridge; returning home just as Nigeria's oil boom began he organized a company that now has 70 vehicles, hauls oil rigs and supplies for British Petroleum Ltd. Chief Shafi Lawal Edu, 54, who is president of Lagos' chamber of commerce, has built a fleet of eight oil tankers. He owns a silver-blue Rolls-Royce, but usually drives around in a Mercedes-thinks it is less ostentatious...
...reach deep under the sea as well as far into space, Bendix four months ago bought Pasadena's $16 million United Geophysical Corp., a firm that searches the ocean floor for petroleum and minerals. Through its automotive division, the company already sells $154 million worth of brakes, carburetors, pumps and power steering systems. By acquiring Besly-Welles, it will also be able to start selling the drills, grinders and metal-cutting tools used in making auto parts. Even now it is going a logical step further and negotiating to buy some of the smaller manufacturers that supply spare parts...
Cash for Complaints. The drought ended dramatically in 1958 when the Oasis Oil Co., which Marathon owns jointly with Continental Oil and Amerada Petroleum, hit the Dahra field in Libya. "That success alone," says Donnell, "more than justified the decision to venture abroad." The find has in creased Donnell's proven reserves by more than 100% (to 1.7 billion bbl.) and expanded his production by 150,000 bbl. per day. With that, Donnell moved into high gear. He acquired four more refineries and hundreds of gas stations by taking over Michigan's Aurora Gasoline Co. and Texas...