Word: aramco
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...petrochemical industries, sensed that they had enough facilities worldwide and virtually stopped building. Instead of paring his payroll as competitors were doing, Chairman J. Robert Fluor kept several hundred of his top engineers and designers. He also maintained a team to work for the Arabian American Oil Co. (Aramco) and opened three new offices overseas. Each of these decisions he explained as an "investment in the future...
Last June, Aramco asked Fluor to design and build a $4 billion plant to collect, process and pump 5 billion cu. ft. of natural gas per day. When completed in 1979, the facility will fuel Saudi Arabia's $142 billion industrialization program. The job will return to the U.S. a lot of money that American industries spend to buy foreign oil. "The Saudis instructed us both to buy as much equipment as possible in the U.S. and maximize engineering in America," says Bob Fluor. "That may be $3 billion in equipment orders. It certainly won't hurt...
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...