Word: aramco
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...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...
...companies, in fact, were among the biggest losers of 1974. The four U.S. partners in Aramco had to agree late in the year to sell their remaining 40% ownership to Faisal's government. It will pay the partners $2 billion for almost all their facilities, a price that the Saudis can meet with less than one month's oil earnings. The Saudi takeover will move Kuwait, Qatar, Oman and the United Arab Emirates to nationalize the last of the Western oil operations in those areas, probably this year. The companies will become mere agents, selling technical and marketing services...
...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...
...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...
...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...