Word: petroleum
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Dates: during 1960-1969
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...north has grown into a mighty concentration of more than 100 plants. The city of Latina, just below Rome, has risen out of a drained marsh to become a bustling center of steel processing, pharmaceuticals and cinema studios. The discovery of methane gas reserves has brought three major petroleum companies to Ferrandina. At Sicily's port of Augusta, the Esso refinery has attracted so many other industries that Sicilians call the region "piccolo Milano"-little Milan...
...with massive loans. With its Cassa per il Mezzogiorno-Fund for the South-the government has lured industry through tax incentives, custom-free importation of plant equipment, easy credit, cash grants, free building sites and worker training programs. Such state-owned enterprises as the holding company I.R.I. and the petroleum company E.N.I. are required to channel their major investments south of Rome; in the Naples area, I.R.I. has built a plant for almost every one of its many industrial lines...
Another ticklish problem was what to do about the U.S.-owned International Petroleum Co., which has been operating the rich La Brea y Pariañs basin for 50 years under a series of contracts that many Peruvians consider unfair and illegal. Last year Belaúnde's government canceled the contracts amid leftist cries for an outright takeover. Belaúnde refused, and last week he was hammering out the final details of a new contract that will keep I.P.C. in Peru but give the government a greater share of profits...
Rambin worked as a roustabout on the rigs to pay his way through Louisiana State's petroleum-engineering course, joined Texaco in 1935. After managing divisions in the Louisiana fields, he moved on to a succession of high-test jobs, became boss of southern operations in 1962 and president of the entire company in 1963. He worked closely with Long at Texaco's Manhattan headquarters where top management wields greater centralized authority than is customary in most oil firms. Under Long, Texaco raised its earnings last year to $546 million to become the third most profitable U.S. company...
...first birthday to announce that still another brother or sister was on the way. But sibling rivalry is just one of those things that Venezuela's Prieto Quintuplets will have to learn to live with. In point of fact, they live rather well-thanks to Big Daddy Creole Petroleum Corp., for which Papacito Efrén Lubín Prieto, 39, works as a $10-a-day oilfield hand. Creole built for the family a $30,000 five-bedroom house in Maracaibo, also provides free medical care, while advertising contracts with Gerber and Klim give meat and milk...