Word: petroleum
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...agreement comes not a moment too soon, because the oil industry may be facing rough times. When the Organization of Petroleum Exporting Countries failed last week to reach a meaningful pact to curb production, the price of oil futures plunged from $18 per bbl. to $15.58. If prices collapse, at least Pennzoil and Texaco can start putting their resources into the businesses again instead of into the pockets of their lawyers...
Tchioba said the deal was virtually set Saturday, but a debate broke out in the Organization of Petroleum Exporting Countries over how long the accord should last...
...compiled a gross national sports product (GNSP). The New York City- based magazine says Americans last year sank $47.25 billion, or more than 1% of total GNP, into sports. That puts sports just below the $49.5 billion motor vehicles industry but well ahead of the $38.9 billion U.S. petroleum and coal business. The GNSP includes estimates of spending on legal sports betting ($2.7 billion), ski lessons, rentals and lift tickets ($1.13 billion) and purchases of baseball and other trading cards ($200 million...
...year since Mikhail Gorbachev announced a sweetening of incentives for foreign investment in Soviet industry, many U.S. corporations have nibbled but none have bitten until now. Last week a Connecticut petroleum-engineering firm signed up for a $16 million U.S.-Soviet joint venture to develop control systems for oil refineries and petrochemical plants. Combustion Engineering of Stamford will supply the technological know-how, while the Soviet oil ministry provides equipment and labor. Although control over the venture is tipped 51% to 49% in favor of the Soviets, the pact offers something for both sides: Moscow gets access to badly needed...
...intended as a highlight of Prime Minister Margaret Thatcher's ambitious program to put Britain's vast array of state-owned businesses back into private hands. But when some 2.2 billion government shares in British Petroleum -- about 31.5% of the company's equity -- came up for sale last week, the result was an enormous bust. In the wake of Black Monday, BP shares already on the market were trading well below the $5.68-a-share issue price of the new offering, and investors therefore shunned the new $12.2 billion flotation. Underwriters were stuck with millions of unsold shares, and could...