Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...fishing-boat row distracted attention from the more serious dispute between the U.S. and Peru-the seven-month wrangle over oil. Just six days after overthrowing the government last October, Velasco and his junta confiscated most of the available assets of the International Petroleum Co., a subsidiary of Standard Oil Co. (New Jersey). This should have brought into force the Hickenlooper amendment to the Foreign Assistance Act, which would cancel all aid funds, but Washington held off because the matter was still in litigation, with I.P.C., backed on principle by the State Department, demanding just compensation. The Peruvians maintain that...
...lies ahead. The mission returns home this week. It resumes May 27, headed for such eventual destinations as Argentina and Brazil, where military regimes are in power. One of the first stops is Peru, headed on a collision course with Washington over compensation for the expropriation of the International Petroleum Co.'s properties...
Reverberating Impact. Oil companies also have fared unevenly, even though they raised gasoline prices in March. Earnings at Standard Oil of New Jersey advanced only 1.6%; profits rose 6% or more at Gulf, Mobil, and Standard Oil of Ohio but fell at Texaco, Phillips and Atlantic-Richfield. Occidental Petroleum recorded an 84% earnings increase, reflecting the rich flow of low-cost crude oil from its Libyan strikes...
...proudly held aloft the Peruvian flag in one fist and clutched an oil derrick in the other. The design -and the holiday - had been purposely chosen for the date that the U.S. was scheduled to cut off assistance to Peru as punishment for expropriation of the U.S. owned International Petroleum Co. Just two days before the deadline, President Nixon decided that an IPC appeal pending before Peru's Ministry of Energy and Mines represented "appropriate action" under terms of the Hickenlooper Amendment (TIME, April 11). The President therefore postponed application of the amendment's penalties, which would have...
...conflict between Peru and the U.S. revolves around a Standard Oil of New Jersey subsidiary, the International Petroleum Co., which has been pumping oil out of Peruvian soil since 1924. Last October, only six days after they had overthrown President Fernando Belaúnde, Peru's new military masters seized IPC's property. Under the 1962 Hickenlooper Amendment, the U.S. is obliged to halt foreign aid and preferential-trade deals with any country that expropriates American property without making adequate compensation. Under Hickenlooper, the cutoff must take place six months after the seizure unless "meaningful" negotiations...