Word: texaco
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BELGIUM is the only Common Market nation that has not raised retail oil prices of gasoline since the producing countries doubled the price of crude in January. Understandably, British Petroleum, Texaco, Esso Belgium and other oil companies now say that they cannot buy oil at pre-January prices. Their request for a 90% boost in prices, however, has been refused, at least until Belgians elect a new government next week. Rather than continue to operate in the red most of the multinationals have banned further shipments of oil into Belgium. As a result, Belgium could become the first European country...
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...
...consumer who wanted to know where the power lay in the world oil business once had only to memorize the names of the "seven sister" international companies: Exxon, Royal Dutch/Shell, Gulf, Texaco, Mobil, California Standard and British Petroleum. Now he must also learn such less familiar names as National Iranian, Petromin and Pertamina. They are among a host of government-owned companies that are muscling in on the majors' market by taking over many of the seven sisters' operations outside...
Last week, in a move deliberately timed to coincide with the oil-consuming nations' talks in Washington -which some Arab countries saw as "an act of aggression"-Libya pointed up the trend. It nationalized the local operations of Atlantic Richfield, Texaco and Standard Oil of California, which together produce about 9% of Libya's daily output of 2 million bbl. a day. The U.S. companies will be compensated for their facilities, but the details of payment remain to be worked...
...present, it stands in the shadow of the world's biggest oil-producing firm, Aramco, which pumps virtually all of the 7.3 million bbl. produced daily in Saudi Arabia. King Faisal's government holds the largest share of Aramco (25%) in partnership with Exxon, Standard of California, Texaco and Mobil. The government has contracted to take over 51% of Aramco by 1982-and, according to reports last week, may demand 100% much sooner...