Word: aminoil
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...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...