Word: ultramar
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Dates: during 1950-1959
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Since 1933, Ultramar Petroleum, a joint subsidiary of Socony-Vacuum and the Texas Co., has been refining crude oil shipped into Argentina from Colombia and the Gulf of Mexico area, and marketing the finished products through 1,500 affiliated outlets. But when Juan Peron, who has never encouraged foreign investments in Argentina, refused to let Ultramar take out its profits in dollars, it had no incentive to improve the property. The refinery (Argentina has only 17 others) became obsolescent, and millions of dollars were needed to modernize...
Rather than throw good money after bad, Socony and Texaco notified Argentina that they planned to liquidate the company. Belatedly, Argentina began offering some concessions to Ultramar. The owners replied that they would rather sell the plant for scrap than continue operating it. Last week, Argentina agreed to buy the refinery from Ultramar for 75 million pesos (some $5,360,000), about three-fourths the original investment. But the companies, barred from converting pesos into dollars, are now trying to find something to do with the money in Argentina. Said one oilman ruefully: "Instead of having a refinery which...
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