OXY STOCKHOLDERS NIX
MANDATORY RETIREMENTOccidental Petroleum Corp. shareholders Tuesday voted down a proposal to set a mandatory retirement age for the company's board, led by Armand Hammer, the company's 92-year-old chairman and chief executive.
"As long as you . . . want me to continue, I'll continue," Mr. Hammer, who had a heart pacemaker implanted in November, said.
"I have just had a pacemaker put in and it's guaranteed for eight more years," said Mr. Hammer, who turned 92 Monday.
Mr. Hammer, a veteran confidant of Kremlin leaders, has served as chairman since 1957.
ABU DHABI TELLS ASIANS
THEY'LL GET OIL CARGOES
TOKYO - Refiners in Taiwan, South Korea and Japan have been officially informed by the Abu Dhabi National Oil Co. that their nominations for crude oil cargoes loading in June will be accepted in full, refinery sources in Seoul, Taipei and here said.
There had been speculators that Adnoc would cut allocations to Far East refiners to fulfill its promise, made at the last meeting of the Organization of Petroleum Exporting countries, to cut oil production.
While a cut was not officially announced, traders generally expected Abu Dhabi to cut output equal to about 8 percent of April production.
There is still a chance that Adnoc will cut deliveries to Western customers by the expected 200,000 b/d, but its failure to reduce sales to the Far East draws that into doubt, traders here said.
IRANIAN OFFICIAL URGES
OIL CUTOFF FOR WEST
NICOSIA, Cyprus - Mehdi Karrubi, Iran's parliamentary speaker, said Wednesday that Arab leaders due to meet in Baghdad, Iraq, next week should agree to stop oil sales to the West to back the Palestinian cause.
"If the Arabs want to do something for the oppressed Palestinian nation, they should emphasize the struggle against Israel and boycotting oil sales to the West, which backs Israel, in the (summit's) resolution," Tehran Radio quoted Mr. Karrubi as saying at a meeting with university students.
BHP PETROLEUM ENDS
INDIAN OCEAN SEARCH
SYDNEY, Australia - BHP Petroleum has ended its search for oil in the Indian Ocean, and will send its drill ship, the Energy Searcher, to the Griffin field off the western Australia coast.
The well off India's southwest coast has been plugged and abandoned three months after drilling started, the Sydney Morning Herald reported Wednesday, quoting a BHP official.
BHP now will evaluate the discovery made at the Griffin-1 well in March. That well flowed at a rate of 5,400 barrels a day from an oil-bearing zone 305 feet thick.