Word: petroleum
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Dates: during 1980-1989
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Exxon announced on December 31 that it will sell all of its South African assents--about $10 million. While the company does not refine petroleum or process chemicals in the country, two of its subsidiaries do produce these products. Exxon employed about 200 South Africans, who accounted for roughly 2 percent of Exxon's $93.2 billion in revenues. Because the company could not find a local buyer for its affiliates, a trust was established to continue operations...
...taken years of study for Interior to make this recommendation," says Joseph Lastelic, a spokesman for the American Petroleum Institute. "Development should be a high priority for this Administration. There is a lot of oil there." Other proponents of development cite the impressive conservation efforts made by industry at neighboring Prudhoe Bay, the nation's largest oil field. Even ardent environmentalists cannot disagree with that. Says Jay Hair, executive vice president of the National Wildlife Federation: "The oil industry spent the past 15 years profitably developing Prudhoe Bay and did a commendable job in protecting its wildlife resources...
Among them were January 1985 merger talks between Diamond Shamrock, a Dallas energy firm, and Occidental Petroleum -- discussions that subsequently broke off. Another case is said to involve T. Boone Pickens' February 1985 takeover bid for Unocal. Pickens eventually backed away after Unocal bought up his holdings in the company. Analysts estimate that he broke even on the takeover bid. Yet another situation reportedly involves a successful June 1985 offer by the voracious Wickes for Gulf & Western's consumer- and industrial-products group, which manufactures such products as Simmons mattresses and Burlington hosiery...
...world that often cowered before him, he was "Mr. Oil," the very symbol of what many viewed as Arab rapaciousness and relentless resolve to strangle the West. As the chief strategist and unofficial spokesman of the Organization of Petroleum Exporting Countries for more than two decades, Sheik Ahmed Zaki Yamani could seemingly drive oil prices -- and the global economy -- up or down at will. A few words from the unfailingly suave sheik could make government officials shudder and cause stock markets from New York City to New Delhi to fall. With gallows humor, wags depicted OPEC at the height...
Last week Yamani's legendary power came to an end. In a royal decree, Saudi Arabia's King Fahd ibn Abdul Aziz dismissed Yamani, 56, as his Petroleum and Mineral Resources Minister, a post he had held since 1962. Planning Minister Hisham Nazer, a longtime Yamani rival, was named to take his place until a permanent new oil minister is named. Nazer's first official act was to call for an emergency meeting of the pricing committee of OPEC, whose 13 members include Nigeria, Venezuela and Indonesia, as well as seven Arab countries. The avowed purpose of the meeting, which...