Word: petroleum
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Dates: during 1970-1979
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Iraq was in trouble. About two-thirds of Baghdad's budget comes from oil. By seizing the assets of the Iraq Petroleum Co. (IPC), worth an estimated $500 million, Bakr & Co. endangered the bulk of their future revenues. Now the government must produce and market oil in the face of legal threats from one of the world's most powerful consortiums, IPC, which is owned by Standard Oil (New Jersey), Mobil, Royal Dutch/Shell, British Petroleum, Compagnie Franchise des Petroles and minority investors. The four senior partners are influential enough to block sales of Iraqi crude to other major...
Putting Up the Dog. Capitalist Wilson is also moving into Communist countries. He has licensed Intertower, a joint venture of Cyrus Eaton Jr. and Occidental Petroleum, to put up 36 inns in Yugoslavia, Bulgaria, Hungary and Czechoslovakia; in most cases, the governments will own the inns. Encouraged by the talk of expanded East-West trade that surrounded the Nixon-Brezhnev summit, Wilson plans to travel to Moscow, probably in July, to sound out authorities about putting up motels in the Soviet Union. Says William Stratton, a Holiday Inns franchise director: "We haven't got to Antarctica...
...weeks alone, smart bombs have enabled U.S. flyers to take out a number of heavily defended targets in North Viet Nam with a loss of only six planes. Among the targets: the North Vietnamese air-combat communications center near Hanoi, six bridges on the northwest rail line, five petroleum pumping stations and a number of power stations...
...pesticides, sharply reduce the sulfur content in diesel fuel and phase out all lead additives in gasoline. It would impose harsh fines on air polluters-.4% of their gross annual incomes daily. It would also bar from environmental-control boards anyone with a financial interest in any automotive or petroleum companies or in any firm that pollutes the air or water -anyone, according to the California Manufacturers Association, except "an orphan hermit living in the wild by his own efforts...
...Brezhnev, Premier Aleksei Kosygin and other party leaders are aware that their country is falling ever farther behind the West in technology. The Soviet leaders realize that they need Western technology and long-term credit to help overcome their country's backwardness and to open up the rich petroleum and other mineral deposits in Siberia. Russia has an even more basic reason for turning westward: food. Because of frost damage in the Ukraine and other areas, the U.S.S.R. expects an exceptionally poor harvest of winter wheat this year. It needs the pending wheat sales from the U.S., the largest...