Word: algerians
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...natural gas, about 10% of the world's known supply. Colonel Houari Boumedienne, Algeria's new strongman, has been as anxious to get French development help as Ahmed ben Bella before him, and last week in Paris the two governments buried their bitter memories of the Algerian war and reached a tentative agreement that is all but certain to be signed within a month. The deal gives France a big stake in Algerian oil, promises large-scale French aid in building up Algeria, severely pinches the U.S., British and even French private firms already drilling there...
France will also provide $400 million to finance a five-year Algerian industrialization program, and will supervise the building of petrochemical and steel complexes. The agreement calls for the establishment of a French-Algerian common market that would allow the countries to trade some goods duty-free, others at low tariff rates...
Strengthening Prestige. In exchange for its largesse, France will be assured of enough Algerian oil to satisfy growing French consumption (which doubled to 309 million barrels between 1959 and 1964) and thereby will attain Charles de Gaulle's goal of independence from the Anglo-American oil companies. By paying francs for oil from the only major source within the franc zone, France will also save $280 million a year in foreign exchange. Perhaps most important, the agreement is a long step toward returning Algeria politically-as well as financially-to France's sphere of influence. It also serves...
...site were rounded up after last week's bomb explosion in the meeting hall. Egypt's ambassador was hauled from his auto by police and grilled for two hours. In other Arab capitals, Boumedienne started recruiting teachers to replace the 2,000 pro-Nasser Egyptian instructors in Algerian schools. "At least," said one impressed diplomat, "he's digging the cockroaches out of the woodwork...
Ravaged Economy. Reprisals were few and feeble. Egypt huffily recalled fleet units on their way to visit Algiers. The Moscow-dominated World Youth Festival, which had been scheduled for this month in Algiers, was moved elsewhere-to Boumedienne's apparent relief. After a week without rioting on Algerian streets, initially hostile Arab governments appeared ready to accept the new Revolutionary Council. The most favorable foreign reaction came from French officials who, after months of negotiating a formula for dividing Algeria's oil revenues, found the new government surprisingly cooperative...