Word: aramco
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...Aramco now operates under the shadow of nationalization. The company is indeed a plum - the world's biggest oil producer sitting atop the world's largest reserves. Aramco's average well yields 12,000 bbl. per day, as compared with the average U.S. well's 18 bbl. Its refinery and port complex at Ras Tanura on the Persian Gulf can turn out more product (600,000 bbl. per day), store more oil and load more supertankers than any other facility on the globe...
Most enticing to the Saudis, Aramco's profits are also immense. Though Saudi royalties and taxes have soared to $7 per bbl., production costs average only 120 per bbl. As a result, at present prices Aramco nets more than...
...Aramco neither ships nor markets oil. Those jobs are left to its five owners. Four are major, competing U.S. companies - SoCal, Texaco and Exxon, each of which has a 22.5% interest, and Mobil, which owns a 7.5% share. The fifth partner is the Saudi government, which bought a 25% share for more than $500 million in 1972 under a "participation" agreement that will turn 51% of Aramco over to the Saudis...
Whenever the takeover happens, Petromin stands to expand greatly. Today it markets the Saudi government's share of the crude produced by Aramco and operates a refinery, a drilling company and a shipping line. Ultimately, it plans to expand into petrochemicals and to market Saudi oil worldwide...
PETROMIN, Saudi Arabia's company, has enormous potential because of the country's vast reserves, estimated to be 132 billion bbl. At present, it stands in the shadow of the world's biggest oil-producing firm, Aramco, which pumps virtually all of the 7.3 million bbl. produced daily in Saudi Arabia. King Faisal's government holds the largest share of Aramco (25%) in partnership with Exxon, Standard of California, Texaco and Mobil. The government has contracted to take over 51% of Aramco by 1982-and, according to reports last week, may demand 100% much sooner...