Word: aramco
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...annual Moslem pilgrimages to Mecca, a prime source of his revenue. Ibn Saud needed cash, and he thought the quickest way to get it was to ask Arabian American Oil Co., which held the rich Saudi Arabian oil concession, to fork over an extra $6,000,000 a year. Aramco balked. But in far-off New York was a man who thought he could fix things...
...Washington went Oilman James A. Moffett. As chairman of two of Aramco's affiliated companies, and onetime $125,000-a-year vice president of Standard Oil Co. (N.J.) and later of Standard Oil Co. of California, gregarious Jimmy Moffett knew the oil business inside & out. As onetime Federal Housing Administrator and an old friend of Franklin D. Roosevelt, he also knew politics and politicos. He soon fixed things so that Ibn Saud was taken care of. But Jimmy Moffett complained that nobody ever took care of him for being such an influential person. Six years later he sued Aramco...
Memo for the King. Last week, after eleven days of testimony in Manhattan's Federal Court, Moffett's influence as a public official seemed well established. Aramco brought out that when Moffett was housing administrator in 1934-35, he had asked Standard of California to take him off its payroll as vice president, but had later demanded $100,000 (and got $25,000) for "out-of-pocket" expenses while away. He wrote Standard: "I was really doing more work ... for the Standard Oil Co. than if I had remained in the office at 30 Rockefeller Plaza." In another...
Jersey Standard and Socony, both signers of the famed Red Line agreement* of 1938, had persuaded their British and Dutch partners in the Iraq Petroleum Co., Ltd. to agree to waive any claim to a share in Jersey Standard-Socony's take from Aramco. But Gulbenkian, the only Red Liner who had signed the agreement as an individual, stood firm. For wangling the original concession in Iraq from the Turks in 1911, he holds a 5% interest in the Iraq Petroleum Co., Ltd. He doggedly insisted that the Red Line agreement still stood; he wanted...
Last week, in London, Gulbenkian's lawyers finally brought his mighty antagonists to terms. The terms, as usual, were favorable to Gulbenkian. For waiving any claims to Aramco's oil, Gulbenkian will get a bigger share of Iraq Petroleum's oil (as will the French, who went along on the deal). Beginning in 1952, Gulbenkian will be able to buy the extra oil at a price halfway between cost and market price. When he sells, the proceeds will be protected against devaluation of the British pound; the American companies agreed to convert Gulbenkian's take into...