Word: aramco
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Long Haul. The pipeline, which brings Aramco's oil closer to Western European markets, saves a fleet of 65 tankers by eliminating the ten-day, 3,500-mile haul around the Arabian Peninsula (see map). For its builder, Burt E. Hull, 66, a bluff, weatherbeaten Texan, who has been building pipelines for 40 years, it was the biggest job since he built the wartime Big and Little Inch pipelines. As president of Trans-Arabian Pipe Line Co., Hull now bosses the Arabian line for the four giant U.S. oil companies which financed it-Standard Oil Co. (N.J.), Standard...
...onetime FHAdministrator a fat $1,150,000 judgment in his suit against Arabian American Oil Co., Inc. for certain "services rendered" (TIME, Feb. 28). The services, according to Moffett, were very special. Saudi Arabia's King Ibn Saud had demanded an extra $6,000,000 a year from Aramco in 1941, on the threat of tearing up its multi-billion-dollar concession in his country. Moffett claimed that he had persuaded Franklin D. Roosevelt to propose that Ibn Saud's sagging treasury be propped up with money from a $425 million U.S. loan to Britain...
Last week Federal Judge Edward A. Conger, who had heard the case, decided that the jury had been too generous. He set aside the verdict, held that Jimmy Moffett had not proved that it was his words that had saved Aramco. Besides, he said, such services were "the kind that the law says may not be compensated for because they are against 'public policy...
Moffett testified that when he went to Washington on his mission in 1941, he persuaded F.D.R. to help Aramco in its troubles with Ibn Saud. Moffett introduced a 1941 memo from President Roosevelt to Federal Loan Administrator Jesse Jones, which said: "Will you tell the British I hope they can take care of the King of Saudi Arabia-this is a little far afield...
...testified that he had asked F.D.R. to write the memo, so that he could tell Moffett that RFC could not finance Ibn Saud. Nevertheless, Jones admitted that RFC had later advanced $425 million to Great Britain, which in turn gave Ibn Saud $51 million. This deal, Moffett claimed, saved Aramco at least $30 million...