Word: petroleum
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Dates: during 1970-1979
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...companies, headed by Exxon, accepted with only minimal grumbling a shade over $1 billion-10% of it in cash and most of the rest in five-year Venezuelan government bonds-for equipment and concessions that they value at $5 billion. Said one official of the former Exxon subsidiary, Creole Petroleum: "Venezuela has reached the point where it finds foreign control of its chief industry unacceptable and degrading. It would be silly for us to fight...
Joint Ventures. Aside from the replacement of foreign directors by Venezuelans, the most conspicuous immediate changes in the way the oil industry operates in the country will be changes in the names of the companies now under Petrovén. Creole Petroleum will become Lagoven; the former Shell subsidiary will be known as Maraven. One cautious provision in the nationalization law even permits Petrovén to undertake joint ventures with private foreign companies in any petroleum-related field, such as shipping or exploration...
Absurd Charge. Now everyone is, including some Arab and Palestinian leaders who had previously supported terrorism. Suddenly they found the terror pointed in their direction. Breaking into a meeting of the Organization of Petroleum Exporting Countries (OPEC), six people, five men and a woman, held captive more than 60 people, including eleven oil ministers. After all-night negotiations with the Austrian government, the terrorists secured an Austrian Airlines DC-9 and took the ministers and some 30 other members of their delegations to Algiers, Tripoli, and back to Algiers again before releasing them. No one aboard the plane was hurt...
...ready to do the work. The jobs were immense: a $1.4 billion contract to build twelve pumping stations and the Valdez terminal for the trans-Alaska pipeline, for example, and a $1 billion plant for the South African Coal, Oil & Gas Corp. Ltd. to convert coal into oil and petroleum products-the world's largest such facility...
...industry coming back? For one thing, foreign demand for American furs has increased, largely because the long decline of the U.S. dollar has made them cheaper and thus more attractive abroad. At home the fur revival partly reflects new developments on the price and environmental fronts. The rise in petroleum prices has increased the cost of fake furs, many of which are based on petrochemicals; the retail price of a full-length fake "mink," now about $300, has risen about 20% since 1972 (but of course still costs much less than the real ranch mink, which retails for about...