Word: aramco
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Dates: during 1970-1979
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Saudi Arabia. The government now owns 60% of Aramco, the Persian Gulf region's only integrated oil company, and is negotiating to buy out the remaining 40%. It once expected to complete the takeover by the end of 1974, but talks have been stalled. Last week, however, Saudi Oil Minister Ahmed Zaki Yamani and officials of Aramco's four American owners slipped quietly into London for secret negotiations that are said to have reached a decisive stage...
Hard Time. Elevated to Exxon's presidency in 1972, Garvin worked closely with Jamieson, who entrusted him with the negotiations for Saudi Arabia's still-pending takeover of Aramco, the four-company consortium of which Exxon is a major partner. As chairman, Garvin will have a hard time matching 1974's huge profits gains...
Syrian Forebears. Aramco, a consortium composed of the Saudi Arabians, Exxon, Mobil, Texaco and Standard Oil of California, gives about $200,000 a year to support groups in the Arab lobby. In the past twelve years, Mobil has donated $170,000. Exxon, excluding its gifts for Arab studies at various U.S. schools, contributes about $150,000 a year. Most oil companies are reluctant to discuss such gifts, but despite the oil companies' obvious self-interest, Aramco Senior Vice President Joseph J. Johnston insists that the donations could play a crucial educational role. "It would be useful," he says...
...chairman of the Saudis' Petroleum Council, which drafts oil and oil-revenue policy for the King's consideration. (In this capacity he is said to have developed a cordial dislike for able Oil Minister Yamani.) For several months, the Saudis have been negotiating a complete takeover of Aramco, the giant petroleum-producing company, of which they now own 60%. Fahd has acknowledged the un favorable impact of high oil prices on Western economies. Nonetheless, Saudi Arabia is not likely to break OPEC solidarity...
...reaching modernization on Faisal's desert kingdom. Faisal has faced no greater quandary since he displaced his inept half brother Saud from the throne in 1964. At that time, hard as it may be to believe today, his country was unable to pay its debts without loans from Aramco, and one of Faisal's first decisions had to be to cut the oil-fueled allowances of fellow princes. Faisal's predicament, explains a U.S. Middle East watcher, is that "he is a feudal monarch, and the more he modernizes, the more he is apt to undercut...