Word: aramco
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Dates: during 1970-1979
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Back in Saudi Arabia, Yamani went into government service. In 1958 he was appointed legal adviser to the nation's Council of Ministers, and by 1962 was Minister of Oil. Deeply trusted by King Feisal, he was in constant contact with Aramco, the giant U.S. oil company...
...companies from as many as four consuming nations. Although British Petroleum has a 40 per cent interest in Iranian oil, a concern owned jointly by the Dutch and the British--Shell, 11 American companies, and a French concern all have minor interests. The most important of these cartels is Aramco, formed by Standard Oil of New Jersey, Mobil, Standard Oil of California, and Texaco in partnership with the Saudi Arabian government, which controls the richest oil deposits in the world...
Over the years Socal was joined by three other oil giants?Exxon, Texaco and Mobil?to form the Arabian American Oil Co. (Aramco). Western-owned oil companies in the Middle East were able to drive one-sided bargains with the weak, quarreling and often ignorant Arab regimes. The corporations controlled exploration, production, shipping and marketing, and paid the governments as little as they could...
Lenzlinger calls his outfit Aramco, not after the U.S.-Arabian oil company, he says, but because he likes the sound of the name. He has no monopoly on the trade. Some 20 similar organizations operate within West Germany. Like Aramco, many have advertised in newspapers, under the heading of "Family Reunification" or, more bluntly, Flucht helfer (Escape Helper). Lately they have become a center of controversy. East German authorities have pressured the West German government to crack down on the impresarios of escape. They claim that Fluchthelfer activities violate the spirit of detente and abuse the terms under which East...
Lenzlinger views the uproar with entrepreneurial opportunism. If Bonn is making things difficult for West German escape organizations, he told TIME'S Robert Kroon, then "someone will have to do the job." Clearly, in Lenzlinger's eyes, no one is better suited than himself. First, he insists, Aramco does not gouge its clients (though many are doctors and other professionals who can expect to make large salaries in the West). "I have not increased my prices, in spite of inflation," he insists. "My profit margin is only 25%. The overhead is tremendous...