VENEZUELA: Creole: Good Neighbor

With what was perhaps the best-spent $135 million in the history of business, the Standard Oil Co. (NJ.) in 1932 bought oil concessions under Lake Maracaibo to add to its Venezuelan affiliates. Now the Creole Petroleum Corp. (formed from those affiliates) is the biggest overseas investment in any single country by any U.S. company. It is also Jersey's best money earner, accounting for 48% of the parent company's dividend income in 1954. All by itself, Creole provides Venezuela with about 30% of government revenue. This week, in its fourth study entitled U.S....

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