Word: suez
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Dates: during 1960-1969
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Even before last year's Arab-Israeli war, the Suez Canal was fast diminishing in importance. Oil tankers, which accounted for almost half of all Suez traffic, were getting too big for it. As a result, more and more Middle Eastern oil was being shipped in giant tankers around the Cape of Good Hope. Faced with the prospect of dwindling profits from the waterway, Egypt began giving thought to building an overland pipeline as an alternate route for transmitting oil to the Mediterranean Sea. Then, when Israel came up with the same idea following...
...late next year with completion scheduled for the end of 1970-a full year after Israel's line is due to go into operation. Under plans drawn up by a British engineering firm, the $150 million line would carry 50 million tons per year from the Gulf of Suez to one of three terminals-Alexandria, Damietta and Port Said. Despite the greater distance involved, the Egyptians will most likely decide on the 190-mile Alexandria route on the theory that it would be more secure from possible Israeli attack...
Counting on the Neighbors. In addition to its pipeline project, Egypt had originally intended to widen and deepen the Suez Canal-which could previously accommodate fully laden tankers no bigger than 70,000 tons-to handle those in the 200,000-ton range. But many of the new supertankers are 250, 000 tons or more. Moreover, if and when the canal opens, the oil producers would probably find it cheaper to pipe oil to the Mediterranean than to sail through Suez and pay its heavy tolls. Using a pipeline would result in even more savings compared with the cost...
Sentimental Values. The airline really came into its own when the 1956 war between Israel and the Arabs shut the Suez Canal. With Trans-Med planes available to bridge the gap, revenues quadrupled in one year to $1,200,000. Abu-Haidar used the money to buy more planes. The Lebanese government cooperated by establishing a free-trade zone at the city's international airport, where goods could be warehoused or even partially processed. Business has consistently increased ever since, and the one-room office has given way to magnificent quarters downtown, where Abu-Haidar arrives at 8 each...
...them a showcase for Aryan supremacy, and might have succeeded but for the herculean efforts of a U.S. Negro named Jesse Owens. The 1956 Summer Games were marred by bitter East-West disputes, denunciations and defections-understandably enough, since they were staged soon after the Hungarian revolt and the Suez crisis. And last February's Winter Olympics at Grenoble produced their quota of incidents: the angry withdrawal of North Korea-because it insisted on being called the "Democratic People's Republic of Korea"; the cries of outrage from East Germany after three of its tobogganists were disqualified...