Word: abadan
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...major break in the traditional fifty-fifty profit split that Middle Eastern governments give foreign prospectors. To Italy's state-run ENI and its ambitious boss. Enrico Mattei, Iran granted twelve-year drilling concessions for a strip on the Gulf of Oman, a submerged area off Abadan, and a promising 6,800-sq.-mi. area south of the fabulous Qum find (TIME, May 6). But to Iran ENI gave up to 75% of the profits from any oil find it may make...
...Zagros line would effectively protect the Iraq oilfields, and. beyond them, Saudi Arabia and the Suez Canal. It would even protect the Iran oilfields and refineries around Abadan...
...After three years of shutdown and stalemate at Abadan (caused by the stubborn egotism of 1951's Man of the Year, Mohammed Mossadegh), Iran agreed to let foreign firms (chiefly British) resume operating the Iranian oil industry, which the Iranians were incapable of operating...
Hoover Jr., found a happy solution. Last week's pact in effect recognizes the transfer of full title of the British-built billiondollar industry to the Iranian government, at a cost to Iran that is a fraction of its real value. This should mollify Iranian nationalists. For giant Abadan, the world's largest refinery, and its huge network of affiliated production facilities, the Iranians will pay Anglo-Iranian a mere $70 million in compensation...
...When Abadan shut down, there was a world shortage of oil. Since then, other producers have more than made up Iran's loss, and currently there is a market surplus of oil. Some of the nearby oil-producing countries will have to cut back production to make room for Iran. Most of the Iranian production will go, as it did before, to Asian markets...