Word: petroleum
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Dates: during 1970-1979
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...When doctors hear about me, they wonder if they have chosen the right course," says Doctor-Turned-Businessman Armand Hammer. The celebrated 79-year-old Russophile and art collector is the chairman of Occidental Petroleum. He graduated from Columbia Medical School 56 years ago, but has never practiced medicine. While still a medical student, Hammer made his first million selling Pharmaceuticals. Later he worked in the Soviet Union, eventually building up a rich import-export business with the Soviets. At 59, he took over Occidental. Figuring that he would recycle some oil money into his original profession, Hammer last week...
...first tankers loaded with the oil are due to be on their way to Long Beach, Calif., by the end of August. About 30% of the oil is to be transshipped to refineries on the West Coast. Standard Oil Co. of Ohio (Sohio), which is owned by British Petroleum, wants to pump the rest of the oil, which is not needed in the Pacific Coast area, to refineries in Texas through an existing natural-gas pipeline that would be modified for the purpose...
...drilling is the work of independent operators Their names-Houston Oil & Minerals Mesa Petroleum; Sanchez-O'Brien and Denver's Davis Oil are some of the "hot" outfits-are unknown to the public. But last year Davis, for example, discovered more onshore gas and oil wells in the U.S. than Exxon. Lately the big firms have begun to drill more too. So far this year Shell has sunk 59 wells in the U.S., compared with only...
...growing awareness of the need to keep good relations with the Saudis and other moderate Arabs. The U.S.-Saudi relationship is based on a simple proposition: American protection for a country that, though it is rapidly buying modern arms, is still virtually undefended, in return for Saudi petroleum...
...Prince Saud, 36, a son of the late King Faisal and a 1965 economics graduate of Princeton, is now Foreign Minister. Tall and spare, he bears a striking resemblance to his father. The prince worked his way up in the Ministry of Petroleum, where he became Yamani's deputy before switching over in 1975 to foreign affairs...