Word: aramco
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...weapons buy security? For many Third World nations, arms may well deter external aggression, but even the best-equipped troops of an unpopular regime are unlikely to hold off forever a domestic revolution. Witness Iran or Nicaragua. Thomas Barger, a former president of Aramco Oil and a director of Northrop, points out the evident danger: "When you get a lot of playthings, how long is it before you want to try them...
...could get a billion dollars worth of crude oil, of course I'd set up CEC nationwide. That's where we could use the federal help," he continues. "If the federal government can send Schlesinger to Saudi Arabia to negotiate on behalf of the four American members of ARAMCO, you would think they could step in and help us increase our oil supply. But here we are providing heating oil at 40 per cent below market prices and not one person in the federal government has ever asked me about this program," he says. "We have something that can work...
...takes pride in advisory posts he holds at the Stanford Research Institute and Rockefeller University. Three of his four children have U.S. degrees and his third wife, Mary Padikis Olayan, once a secretary for Aramco, is American. Now that his only son, Khaled, 32, is running the Saudi companies, Olayan appears to be concentrating on the U.S. economy to provide his business with a long-enduring international dimension...
...spice merchant, Olayan (pronounced o-la-yan) started work in 1937 as a dispatcher for an organization that became the Arabian American Oil Co. and used his excellent English, learned in high school in Bahrain, to make himself invaluable. In time he was negotiating land rights for Aramco and accompanying its resident boss on visits to the Saudi royal court. In 1947, when Aramco began a major pipeline project, Olayan was asked to become a contractor. He mortgaged his house for $8,000, bought four trucks...
Olayan calls Aramco "my university." His years there taught him how Western corporations operate and made him eager to do business with them. Aside from some real estate in England and interests in a few West German companies, his investments are concentrated in the U.S. Most of his portfolio is in shares of utilities and companies involved in coal and other resources. But about a third of his holdings are in stocks of nine banks. Explains Olayan: "Their resources are infinite. Their raw material is money, and it does not deplete" like oil and gas. Associates also cite...