Word: aramco
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...often represented as anti-American (TIME, Oct. 27). At the University of Texas he got a master's degree in petroleum engineering, found an American wife, and then joined the U.S.-owned Arabian American Oil Co. at Dhahran. "I was the first Arab to penetrate into the tight Aramco compound," he said last week, "and I never saw such narrow people." American matrons took his wife aside and reproved her for marrying an Arab. Says Tariki bitterly: "It was a perfect case of an Arab being a stranger in his own country." For "purely personal reasons having nothing...
Dial Fame. But it was only recently that Kris, the widely traveled son of Aramco's air-operations manager living in Dhahran, revealed an activity that is shockingly un-Oxonian: he is in a fair way to become wealthy as a teenagers' guitar-thwonking singing idol. A few months ago he answered an ad in London's Daily Mirror that invited young musicians to "Just Dial FAME." FAME's mortal form, it turned out, is the chunky person of Paul Lincoln, an ex-wrestler and Soho coffee-bar proprietor who runs a stable of rock...
Eight years after Aramco, the U.S.-owned Arabian American Oil Co., introduced into the Middle East the magic fifty-fifty formula of splitting production profits with the governments concerned, the numbers game no longer has its old magic. The formula was often broken while still technically honored-through side bonuses, generous rentals, air-conditioned Cadillacs or airplanes presented to sheiks. But on one matter the major oil companies of the world, which may compete at filling-station pumps but frequently join in partnership abroad, were adamant. They would split with Arab governments only at the production stage, would...
Treasury Approval. Aramco says that changing conditions forced it to accept the Saudi Arabian income tax. King Saud insisted on an income tax instead of a royalty, the company maintains, because he wanted to get more money, yet give Aramco incentive to grow in Saudi Arabia by leaving its profit return untouched. Aramco points out that the U.S. still derives substantial benefit from taxes levied on the company's declared dividends and on dividends to stockholders of the four U.S. companies that own Aramco...
What Senator O'Mahoney did not mention was that Aramco's 1950 tax arrangement with Saudi Arabia was later approved by the U.S. Treasury Department, bossed by Dwight Eisenhower's friend, George Magoffin Humphrey. Regardless of the merits of the arrangement, the department evidently felt that it was in the best interests of the U.S. to have Aramco sitting on one of the world's most strategic-oil areas-even if it meant sacrificing some revenue...