Word: anglo-iranian
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...ANGLO-Iranian Oil Co., kicked out of Iran by Mossadegh (TIME, Oct. 8, 1951), now hopes to get back its stake there from the Shah, but is hedging the bet. A director, John Mellor Pattinson, has spent three weeks sniffing for new opportunities in oil-rich Alberta, has worked up plans for Anglo-Iranian's first venture in Canada. The company will also start drilling in Sicily shortly...
Twelve miles away in Tokyo's district court, Britain's Anglo-Iranian Oil Co. tried to block the oil sale. At issue: the question whether the oil, legally purchased from the government of Iran, was actually "stolen" from the British in the expropriation. The British lost the first round of a similar case in Italy in March, when a tribunal in Venice refused to confiscate a cargo of Iranian...
Rodrigues recalls discussions with one British captain over the apartheid policy in South Africa, with another on the Anglo-Iranian oil troubles, with a Japanese captain on his country's contrition about the war, with an Egyptian captain on the merits of Naguib and Farouk, with a German captain on the EDC army, with a French captain on the instability of his government, and with an American captain on U.S. foreign aid. But Rodrigues has never argued with Russian captains. They pretend to understand nothing, he says, but navigational directions...
...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...
Five weeks ago, U.S. Ambassador Loy Henderson brought Offer No. 6. It was by far the best. Britain offered to drop its legal blockade of Iran's oil, asked in return that an impartial third party be chosen to fix the compensation for Anglo-Iranian. The U.S. added its own bonus: a promise to purchase $130 million worth of Iran's oil, $50 million of the amount to be advanced immediately on account...