Word: aramco
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...largest crude producer. But they kept a tight curtain of secrecy around the five-day meeting at the plush Bay Point Yacht and Country Club, near Panama City, Fla. As most of the negotiators-including executives of Exxon, Mobil, Texaco and Standard of California, the four American partners in Aramco-made for their private jets at the conclusion of the meeting, they refused to discuss what price the Saudis would pay for the 40% of Aramco that they do not yet own. At week's end the only formal announcement Aramco made was that the major issues...
Still, many details of the deal that is shaping up filtered through the New York financial community. According to Wall Street sources, the U.S. presence in Saudi Arabia, where Aramco has transformed a section of Dhahran into a small American-style town for its employees, will remain as strong as or stronger than ever. The oil firms will continue to pump most of Saudi Arabia's oil as contractors working for a fee. The Saudi government will give them a long-term guarantee that they can buy a fixed proportion-amount unknown-of Aramco's output, currently...
Another sweetener for the companies: the Internal Revenue Service reportedly has issued a preliminary advisory indicating that any difference between what the companies' assets are worth and what the Saudis pay for them can be treated as losses to reduce their taxes. As for Aramco itself, it is generally assumed that its operations under 100% Saudi ownership will be expanded far beyond the oil business into enterprises aimed at speeding development of the country...
...deemed it appropriate to apply arbitrary standards to any advertisement, yet it has and will continue to run ads from companies such as Coca Cola whose corporate policies in regard to migrant workers are as offensive as Saudi Arabia's policy of racism. Why then single out Aramco...
...work in a country that refuses entrance to Jews. It has gone to the length of demanding that companies doing business in that country not employ Jews in projects within Saudi Arabia. These policies are morally reprehensible, but it is not The Crimson's prerogative to summarily refuse Aramco the right to advertise because of Saudi Arabia's domestic policies. Through its editorial columns The Crimson can and does attack these policies; to prohibit Aramco from advertising under the guise of moral responsibility is to commit a crime of equal proportion to Saudi Arabia's racism...