Word: aramco
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Lenzlinger calls his outfit Aramco, not after the U.S.-Arabian oil company, he says, but because he likes the sound of the name. He has no monopoly on the trade. Some 20 similar organizations operate within West Germany. Like Aramco, many have advertised in newspapers, under the heading of "Family Reunification" or, more bluntly, Flucht helfer (Escape Helper). Lately they have become a center of controversy. East German authorities have pressured the West German government to crack down on the impresarios of escape. They claim that Fluchthelfer activities violate the spirit of detente and abuse the terms under which East...
Lenzlinger views the uproar with entrepreneurial opportunism. If Bonn is making things difficult for West German escape organizations, he told TIME'S Robert Kroon, then "someone will have to do the job." Clearly, in Lenzlinger's eyes, no one is better suited than himself. First, he insists, Aramco does not gouge its clients (though many are doctors and other professionals who can expect to make large salaries in the West). "I have not increased my prices, in spite of inflation," he insists. "My profit margin is only 25%. The overhead is tremendous...
...part of the aspirations of the Arab people and more positive support of their efforts toward peace in the Middle East." The letter referred to America's growing need for Arab oil and Standard's own large interests in the Middle East (it owns 22.5% of Aramco, whose Saudi Arabian petroleum operations make it the largest producer of crude in the world). Miller also urged the U.S. to "work more closely with the Arab governments and enhance our relations with the Arab people." He did not even mention the word Israel...
Other Sources. Money is not the only issue, however. In Saudi Arabia, the shrewd Minister of Oil and Mineral Wealth, Ahmed Zaki Yamani, negotiated a new policy of "participation" by his government's oil agency, Petromin. Within three years, Petromin will acquire a 25% share in Aramco, the huge producing company through which Exxon, Texaco, Standard Oil of California and Mobil have been pumping Saudi Arabian oil. By 1983, the Saudis' share of Aramco will have increased to 51%. Similar deals have been made by other Middle East producers. Last week, the government of Iran took over...
...OPEC nations should pay for their company shares. By far the most difficult obstacle is how the price will be figured. The OPEC governments want to calculate their bill simply by totaling the book value of a company's equipment, real estate and other holdings. By that measure, Aramco, which is jointly owned by Standard Oil of California, Jersey Standard, Texaco and Mobil, is worth some $500 million. Yet company officials rightly believe that as the holder of a concession on Saudi Arabia's fabulous oil reserves until 1999, Aramco has a much higher commercial value. They insist...