Word: petroleum
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Dates: during 1960-1969
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Exports are in deep trouble. Prices of Latin America's major commodities-mostly agricultural products (cacao, sugar, coffee), minerals (lead, zinc) and petroleum-are down and slipping lower. Between 1957 and 1960, the overall price decline amounted to 11.5%, effectively canceling out a 13.5% increase in the volume of goods sold abroad. "This situation," said the report, "is unparalleled in other underdeveloped areas of the world...
...little or no increase. Aside from the Venezuelan windfall, new direct private foreign investment amounted to $622 million in 1957, $642 million last year, and averaged about $635 million in the years between. Moreover, foreign investors sharply decreased the money they were willing to risk on primary industries (mining, petroleum, agriculture) necessary to build a foundation for the area's economy. Instead, they switched their emphasis to secondary manufacturing businesses (appliances, automobiles, computers), which are less subject to nationalization or heavier taxation...
...continuing income while he dickers for help in getting his own company on its feet. And help may not be hard to find. The Soviet Union might aid Kassem simply for political advantage. And in Rome sits hawk-faced Enrico Mattei, boss of Italy's state petroleum monopoly, who delights in defying the big Western oil companies. Though Mattei is getting oil more cheaply from Russia than he probably could from Iraq, he is under mounting pressure from other Common Market members to cut back his imports of Soviet oil. A deal with Kassem could offer Mattei...
Ever since he seized power in 1958. Kassem has been playing a cat-and-mouse game with the Iraq Petroleum Co., the international consortium that since 1942 has held exclusive oil exploration rights for virtually all of Iraq and has already found there proven reserves of 26.5 billion bbl. of oil. In the last four years alone, I.P.C. has invested nearly $300 million in Iraq, and Kassem's government is largely financed by its 50% cut ($266 million last year) of I.P.C.'s profits. But this was not enough for Kassem, who demanded that I.P.C. surrender...
...cesspools to the industrial discharges that turn rivers into sewers. They can make nutritious and palatable cattle feed out of fish offal or cannery wastes. Some time in the future they will probably move into the great petrochemical business, replacing the clumsy high-temperature processes that are used now. Petroleum is organic, says Beckhorn, and a natural prey for enzymes. It should be fairly simple to find special enzymes to turn petroleum into perfume, plastic or cocktail canapes...