Word: arabian
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Dates: during 1970-1979
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...happens, Saudi Arabian Entrepreneur Adnan M. Khashoggi, 39, who has offered $14 million for a controlling one-third interest in San Jose's First National Bank, derives his millions not from oil but from a worldwide conglomerate which deals in real estate, autos and the construction of military installations in Saudi Arabia. Khashoggi, whose father was personal physician to the late King Saud, was educated at a California college (Chico State) in the 1950s, and already controls two local banks in the state. But he was prepared for trouble when he made his bid in November...
...chancelleries and countinghouses, everybody is seeking ways for the OPEC countries to lend their surpluses back to the oil importers in a massive "recycling." A hypothetical example of recycling: Italy pays several billions of dollars to Aramco, the marketing agent, for Saudi Arabian oil; Aramco then pays this money to Saudi Arabia, which in turn deposits it in Western banks; the banks then lend it back to the government of Italy. Trouble is, the petrodollar deposits are short-term (the oil countries want the power to pull their money out at a moment's notice), while most loans...
...longer worries as much about potential attacks from other Arabs as he did in the days of Egypt's Gamal Abdel Nasser a decade ago, Faisal faces other political complications. One is the Shahanshah of Iran across the Persian Gulf (Saudis doggedly refer to it as the "Arabian Gulf). Like Faisal, the Shah is an oil-rich absolute monarch, but he disagrees with the King about religion (Iranians are Shia Moslems; Saudis, more orthodox Sunnis) and the military steps necessary to protect the Gulf...
...price increases forced by the OPEC governments. During 1973, they quadrupled the posted price of oil, and they have not changed it since the start of 1974. But this year they have sharply raised equity and buy-back prices. The Saudi government's take of $10.12 on Arabian light shipped out of Ras Tanura, for instance, has risen about 27% this year, though posted prices have been unchanged (see chart); since October 1973, the take has multiplied not four, but five times...
...single-price system reflects the belief that oil-country governments will soon take over lock, stock and barrel the wells on their territories. Principal reason for that feeling: Saudi Arabian and American owners of Aramco, the consortium that pumps out Saudi oil, recently agreed in principle on a 100% Saudi buy-out (the Saudis now own 60%). Negotiations in London on the details of the deal recessed last week, but it seems likely that in the end the Saudi government will have paid some $2 billion for Aramco. The chief questions still to be negotiated are how much the Saudi...