Word: swapping
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Sohio's oil could be shipped to Japan and swapped for Middle East crude that would be diverted across the Atlantic to East Coast ports. Such a swap, in an industry that operates on a global scale, would not be unusual, and California's Quinn says it deserves "serious consideration." But the main reason for building the pipeline, after all, was to reduce initially the nation's reliance on foreign oil by about 7%, or 1.2 million bbl. per day, and for that reason Congress expressly prohibited the foreign sale of any Alaskan crude...
Global Glut. But the swap raises significant problems for the American companies. The oil would go not to the defense contractors but to a refiner for processing and sale. The refiner must be willing to 1) accept the crude, and 2) set a firm price for it with the U.S. aircraft manufacturers. Finding such a customer will be difficult; there is a global glut of oil, and even tiny fluctuations in price can cut sharply into refinery profits. But the task is not impossible. Several independent oil companies that have lost access to Canadian oil since Canada cut exports...
...secret of what could be a multibillion-dollar deal was out. Executives at three major U.S. defense contractors-General Dynamics, Boeing and Northrop-reluctantly confirmed that such a swap is indeed under consideration. TIME has learned that the initial overtures to the companies were made in letters from General Hassan Toufanian, Iran's Vice Minister of War, after the barter proposal had been cleared by the U.S. departments of Defense, State and Treasury. The military equipment that would be bartered includes General Dynamics' F-16 fighters, McDonnell Douglas/Northrop's F-18s and Boeing's electronics-jammed...
...complications can be worked out-a big if-the swap will provide few surprises for the Iranians. They have been bartering raw materials for industrial products ever since the 1930s. But it would be a whole new way of doing business for the defense contractors. Only McDonnell Douglas has had a similar experience. In 1969 Yugoslavia wanted to buy DC-9s, but did not have enough dollars. So McDonnell Douglas agreed to help by marketing Yugoslavian goods, including hams, in the U.S. For years thereafter, the standing joke in the company's executive dining room was: "Here come...
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