Word: petroleum
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Dates: during 1960-1969
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...made. E.N.I.'s pipelines and service stations stretch from England to Ethiopia, but the state monopoly is short on crude to fill its refinery capacities, which will soon reach about 21 million tons annually. Gulf, like its competitors in the Middle East, has an excess of crude petroleum to work off, and Prince Pignatelli reasoned that E.N.I, would buy some of the excess if he could make the deal attractive enough...
...down sharply on lavish publicity spending. Silva took his evidence to Brazil's President Joao Goulart. When word leaked out, a newspaper article appeared with statements accusing the general himself of engineering a "major underhanded deal" involving the purchase of $200 million worth of oil from "a large petroleum company"-later identified as U.S.-owned Esso Brasileira. Silva, said a union-nominated director, was a "docile agent" of the Yankee oilmen...
...Derricks have sprung up in clusters on front lawns, in narrow alleys and in vegetable gardens; one producing well occupies what was once home plate on the baseball field at the Edison Junior High School (the team will play all its games away this season). Says Theodore DeBrosse, veteran petroleum geologist for the state: "There is more drilling in this area than anywhere east of the Mississippi...
...Congress was debating a $579 million budget for the coming year, biggest in Peru's history, and Belaúnde is discussing loans with West Germany, Great Britain, Japan, even Finland. The country's Alianza aid, Peruvians feel, has been snagged because of the disputed International Petroleum Co. concession (TIME, Nov. 8). But Belaúnde talks hopefully of agreement, and U.S. businessmen think he means...
Died. Waite Phillips, 81, Oklahoma oil millionaire and philanthropist, brother of the two founders of Phillips Petroleum Co., who himself struck it rich wheeling and dealing in oil properties during World War I, formed his own Waite Phillips Co. that he sold in 1925 for an estimated $40 million, branched into office buildings, ranching and banks (cofounder of Tulsa's largest, the First National Bank and Trust), then gave his 127,000-acre ranch Philmont and Tulsa's 23-story Philtower to the Boy Scouts, donated most of his other real estate to worthy causes, and retired...