OIL COMPANY BUILDING
CURTAILMENT OF PROGRAMMES
(New Zealand Press Association) WELLINGTON. December 22 New Zealand’s major oil companies have severely curtailed their New Year building programmes. Company spokesmen in Wellington said today this course was necessarv because the Middle East crisis and the extraordinary freight rises resulting from it had put a severe strain on liquid capital resources. The spokesman confirmed that a considerable amount of new construction in many parts of New Zealand would have been started early next year. But now companies were watching expenditure very closely. They said the situation m the Middle East was harming consumers, oil companies and small countries who«e economies depended on oil royalties The only men who were doing well out of it were the “pirates.’’ who seized the opportunity to push their charter rates up beyond all reason, in some cases by as much as 400 per cent
Another factor was that immediate payments had often to be made for the chartering of tankers.
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Bibliographic details
Press, Volume XCIV, Issue 28158, 22 December 1956, Page 12
Word Count
163OIL COMPANY BUILDING Press, Volume XCIV, Issue 28158, 22 December 1956, Page 12
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