Word: aramco
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...Saudis have made it clear that they want a bigger piece of the action - certainly 60% - and sooner. That demand puts Aramco's managers in an odd position; they will in effect be mediators in the eventual negotiations between Saudi and U.S. owners that will settle their company's fate. Says Chairman Frank Jungers, 47, "Since the Saudi government owns 25% of this company, we can hardly take sides...
...What Aramco's U.S. owners want - and may get - is continued access to the oil and a fair share of the profits...
Home Loans. Aramco has guaranteed loans to Saudi entrepreneurs, and introduced new agricultural techniques. Since the early 1950s, it has provided free health care, schooling and no-interest home mortgage loans to its Saudi employees, while paying them well (average yearly wage: $6,270) and training them carefully. Today 15% of the company's some 260 managers are Saudis. They mingle easily in the company's headquarters town of Dhahran, where Aramco has created a neighborhood of ranch-style houses and tree-lined streets that look a bit like a suburb of Houston...
...this to be Big Daddy," explains Mel Lafrenz, Aramco's director of management development. "It was simply a realistic appraisal of what we ought to do to stay here as long as we could." Aramco until recently had steadily stepped up production, from 3.5 million bbl. per day in 1970 to a high of 8.2 million bbl. daily last September and was shooting for 11 million bbl. per day next year...
...Kippur War changed that plan. When the Arabs ordered production cutbacks, Chairman Jungers quickly complied. Similarly, Aramco followed orders to stop exports to "hostile" nations, including the U.S., and went along with a tripling of prices decreed by the Middle Eastern oil-producing countries...