Word: aramco
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...character and to the evolution of a businesslike arrangement as an alternative to colonialism's notorious evils. For the partnership between king and company has been based from the first on strict terms of U.S. noninterference in Saudi Arabia's domestic policies. The royalties Aramco pays provide 90% of the government's revenues. Without Aramco, Saudi Arabia would revert to a black-tent kingdom of camels, date palms and holy places. But no U.S. adviser has his office in the palace compound (as the British ambassador did in Jordan), no company agent issues authoritative suggestions to Saud...
...worried that continued unrest will hurt their investments. Arabian American Oil Co. is cutting $10 million from its projected $80 million fund for construction and expansion this year, and other firms may follow suit. Because of Suez Canal closure and Saudi Arabian ban on exports to Britain and France, Aramco's daily flow is down to less than 700,000 bbls. v. more than 1,000,000 bbls. one year...
...With its markets cut off, Kuwait, the biggest Middle East producer, cut back production to an estimated 75% of its normal 1,200,000 bbls. daily; Iraq's Kirkuk field is down to 200,000 bbls. daily from a normal 700,000 bbls. daily, and in Saudi Arabia, Aramco has reduced production 30% from its usual one million-plus barrels daily...
...Trans-Arabian Pipe Line Co. (100% U.S. owned), which pumps 350,000 bbls. daily from Arabian-American Oil Co. fields to the Mediterranean, is still operating. But last week the Saudi Arabian government ordered Aramco to suspend all shipments to Britain and France, thus depriving them of some 35,000 bbls. daily by way of the pipeline, another 110,000 bbls. daily loaded on tankers in the Persian Gulf...
...southward on the bronze-skinned, 38-story House of Seagram, now a building on the next block, westward at blue-green Lever House, just across Park Avenue. Within a radius of two blocks on Park Avenue, four other office buildings are going up, while buildings have been completed for Aramco, Universal Pictures and Colgate-Palmolive...