Word: stanvac
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...dreams can begin. When Sukarno in 1964 began forcing foreign firms into a plan called "production sharing"-a euphemism for expropriation-the U.S. investment alone in Indonesia amounted to more than $520 million. Only two oil companies, Caltex (owned by Texaco and Standard Oil of California) and Stanvac (owned by Jersey Standard and Mobil), managed to keep operating. Other companies lost longtime investments: U.S. Rubber had to give up 54,000 acres of rubber plantation, and Goodyear Tire & Rubber lost two plantations and a tire plant at Bogor, near the capital. Though ridiculously low repayments were negotiated, no money...
...hundred missionaries still operate, mostly in remoter Borneo and West Irian, and there are about 800 employees (and their families) of Stanvac, Caltex and the American rubber companies. But the rubber companies were expropriated in February, and Sukarno is expected to give in to the demands of his own nationalist party, the P.N.I., and the powerful P.K.I., world's third largest Communist Party, for complete takeover of the oil companies, last remaining major American investments in Indonesia, by the end of the year...
...staff are still in Djakarta, even the envoy's residence has been raided. The only other official U.S. presence is a handful of Peace Corpsmen, largely gym instructors. Sukarno has already taken over nominal management-first step toward probable confiscation-of American rubber interests, as well as the Stanvac and Caltex oil companies...
...denationalized some when it broke away, is now expected to enter a new period of nationalization. Iraq last year nationalized virtually all the exploring concessions of the Iraq Petroleum Co., which is controlled by British, Dutch, French and U.S. oil companies. Indonesia is pressuring three major oil companies-Caltex, Stanvac and Shell-to turn over their refineries and sales outlets to the government, and Tanganyika last week informed a Belgian-controlled dock company that it will be nationalized...
...giving his rivals trouble in Asia, Africa and Europe. In Iran he undercut private companies by offering the government 75% of the profits instead of the usual fifty-fifty on any oil he found. In India this year, he made so tempting an offer that the U.S.'s Stanvac, a subsidiary of Standard Oil (N.J.), withdrew from the bidding...