Word: rez
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...asphalt, diamonds and hydroelectric power. In Caracas, a new skyscraper seems to rise every day, a new millionaire to appear every hour, and traffic jams to grow worse every minute. Drawing boards bulge with expansive economic plans, and the democratic, staunchly nationalistic President Carlos Andrés Pérez -whom everybody calls "Cap"-yearns to extend Venezuela's influence over its Latin neighbors...
...increase further Venezuela's oil income and economic independence, Pérez last week sent to the country's Congress his long-awaited bill to nationalize the oil industry, and reiterated that the takeover will occur later this year. Venezuela plans to pay the foreign companies-Exxon's subsidiary, Creole Petroleum, and Royal Dutch/Shell are the two biggest-only the net book value less several deductions, or about $1.4 billion. The offer might seem reasonable. Under existing contracts, the foreigners in 1983 were supposed to give over all their properties to the Venezuelans, without compensation...
French Food. Soon the industry will be run by a state company under the Bureau of Mines. Demonstrating a certain flexibility, Pérez recommended that if the national oil industry runs into trouble, the government might enlist foreign companies to help produce or market the petroleum...
...January, Pérez's government also nationalized the rich iron ore industry, which had been controlled by U.S. Steel and Bethlehem Steel. Last year Venezuela produced more than 26 million metric tons of ore, almost all for export. Venezuela's grand plan is to use much of its oil income to build a huge steel industry that will exploit its iron ore and great sources of hydroelectric power. Deep in the backlands on the Orinoco River, more than 200,000 people have already clustered in the government run, iron-and-steel community of Ciudad Guayana, where international...
...rez told TIME Senior Editor Marshall Loeb in a recent interview: "Our strength lies precisely in OPEC. We are endeavoring to get the best that we possibly can from the price of oil, not only to advance our development plans but also to use oil as a tool for negotiation and dialogue. We are seeking a balance in commercial relations between Latin America and the developed nations." Speaking of the U.S. and of the international oil companies, he added: "We are reluctant to continue accepting that our interests be manipulated from centers of power in the world...