Word: standardize
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Dates: during 1950-1959
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Last week a group of Japanese oilmen won a 2.890-sq.-mi. concession in the Persian Gulf off the neutral zone by contracting to pay 56% of the production profits to the zone's owners, Kuwait and Saudi Arabia. The deal came just a few days after Standard Oil Co. (Indiana) became the first major U.S. company to upset the fifty-fifty pattern. For a 6,177-sq.-mi. concession off Iran's shores in the gulf. Indiana Standard agreed to pay 75% of profits to Iran, plus a $25 million bonus, and to spend $82 million...
Other companies had bid against Indiana Standard, offering only the fifty-fifty split. But this was more fiction than fact, because they also offered huge bonuses, bigger than Indiana Standard's. Iran chose the smaller bonus and bigger split, gambling that Standard will find a huge new field. If it fails to, then Iran will lose the gamble...
From Teheran to Texas, many an oilman grumbled that the new deals would inspire other oil-rich Middle Eastern countries to cancel their present fifty-fifty deals and demand sweeter contracts. But calmer leaders in the industry brushed such remarks aside. Said Howard Page, Middle East boss for Standard Oil Co. (New Jersey): "Some oilmen say that it is immoral or something to bid in a certain way. Baloney! I certainly do not want anyone to tell...
...cent was hit on as a possible rate," Monro points out. "I don't doubt that it will change from year to year, and ought to change." Whatever changes are made, either for retaining a higher or lower standard rate, or for introducing a more flexible rate, should take into consideration the fact that some agencies have no use for the facilities offered, and therefore receive no benefits from their assessment...
...kind of robot or automaton ... I was physically fit but getting querulous. I sense coarseness and vulgarity growing in our public life. In the Congress Party and the whole country idealism is fading out. We in India suffer from a split personality. One part is of the highest moral standard. The other part completely forgets about it. We are losing our sense of mission. What to do? I don't know. It is not easy to stop. You can't draw a sword and cut off the head of this enemy." Then, looking to the future, Nehru said...