Word: socal
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...commission noted, the deal was negotiated out of desperation by Southern California Gas Co. (SoCal Gas), which is urgently searching for new sources to supplement its dwindling supplies. Beginning probably in October and continuing through 1982, SoCal Gas will levy a 50? monthly surcharge on the average household; the bite could rise to $2.50. Industrial users, of course, will pay much more-depending on the amount of gas they consume. The utility will periodically turn over the proceeds, which ultimately will amount to $313 million, to Atlantic Richfield Co. (Arco), the nation's ninth largest petroleum company. Arco will...
...loan of exactly $170,327.50, Saudi Arabia's King Abdul Aziz ibn Saud granted the Standard Oil Co. of California a 60-year, exclusive concession to 320,000 sq. mi. of desert. So huge were the oil reserves when finally discovered, and so large the investment needs, that SoCal could not exploit them alone. It took on co-venturers, forming the Arabian American...
Aramco neither ships nor markets oil. Those jobs are left to its five owners. Four are major, competing U.S. companies - SoCal, Texaco and Exxon, each of which has a 22.5% interest, and Mobil, which owns a 7.5% share. The fifth partner is the Saudi government, which bought a 25% share for more than $500 million in 1972 under a "participation" agreement that will turn 51% of Aramco over to the Saudis...
Over the years Socal was joined by three other oil giants?Exxon, Texaco and Mobil?to form the Arabian American Oil Co. (Aramco). Western-owned oil companies in the Middle East were able to drive one-sided bargains with the weak, quarreling and often ignorant Arab regimes. The corporations controlled exploration, production, shipping and marketing, and paid the governments as little as they could...
...words were not warning enough, Libya took another in a long series of actions designed to gain control of its oil. The regime decreed that Libya would nationalize 51 %-enough for full control-of five major oil companies operating in the country, including properties owned by Exxon, Mobil, Texaco, Socal and Shell. The Libyan government also declared that the companies must raise the price of oil from $4.90 to $6 a barrel. If the oil companies give in to Libya, they may be forced to make similar deals with oil nations in the Persian Gulf...