Word: aminoil
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Dates: during 1950-1959
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...sight, Getty figured that he needed even more oil to feed the giant refiner. The place to get it was one of the few Mideast areas left untouched: the Neutral Zone, a barren, null tract owned jointly by Kuwait and Saudi Arabia. Already, the American Independent Oil Co. (Aminoil) had a 60-year concession from Kuwait for its half share in the zone, and several companies were negotiating with King Ibn Saud of Saudi Arabia for his share...
...Saudi Arabia signed an agreement giving Getty one-half interest in the Neutral Zone for 60 years. Getty sent son George to run the new venture, pumped $7,500,000 into drilling and exploration (Getty shares such costs, and all oil removed, on a fifty-fifty basis with Aminoil...
...considers that just a beginning; the wells are scheduled to double production this year. The zone has 60 wells producing 100,000 bbl. daily, another 60 that have struck oil but are shut in until a bigger pipeline is laid and Getty's refinery goes on stream. Begrudgingly, Aminoil has conceded Getty's wisdom, itself is drilling the Eocene formation. Meantime, Getty has acquired a .4167% interest in the Iranian Consortium, good for about 700 million bbl. in reserves...
...Chips. Nobody was more relieved than American Independent Oil Co.'s President Ralph K. Davies, 55, the man who raised the $30 million for the gamble. With nine other independent producers, Davies formed Aminoil in 1947 to give independents, as well as majors, a Middle East concession. Gulf and Anglo-Iranian had sewed up Kuwait; Aramco (jointly owned by Standard of California, Texas, Jersey Standard and Socony-Vacuum) had a grip on Saudi Arabia. But nobody had the "no man's land" between-the Neutral Zone jointly run by the Sheiks of Saudi Arabia and Kuwait. Davies leased...