Word: aramco
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Dates: during 1947-1947
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When the Navy did buy Aramco oil during the latter part of the war, Moffett said, his onetime associates doubled the prices he had quoted President Roosevelt, "deliberately defrauded" the Government out of some $33,000,000. (The Navy promptly denied this, said it had paid less for Persian Gulf Oil than for oil from other sources...
...said, King Ibn Saud demanded from Arabian American Oil (Aramco) $6,000,000 a year for five years because his oil royalties had fallen off. Aramco could not meet this demand, so Moffett took the problem to President Roosevelt, under whom he had served as the New Deal's first housing administrator. Moffett suggested that the U.S. give Ibn Saud the $6,000,000 for five years. Aramco would pay it off by delivery of oil to the U.S. Navy. The deal fell through. But soon after, said Moffett (and a letter from Jesse Jones, then Federal Loan chief...
...revealing this tale of international oil intrigue and secret diplomacy, Moffett had left out a few chapters. They were thoughtfully supplied last week by William Starling Sullivan Rodgers, Aramco director and board chairman of the Texas Co. First, he called Moffett's accusations of overcharging the Navy "absolutely false." Then Rodgers threw a Sunday punch. Moffett, he implied, was firing off his charges because he was trying to get control of Arabian oil himself. A year ago, Moffett had tried to persuade Ibn Saud to cancel Aramco's concession, give it to Moffett & friends. If Ibn Saud...
...Deal. In the new hand Holman held, the aces were Socony's Board Chairman Harold Sheets; Henry DeWard Collier, the shrewd, benign-looking board chairman of Aramco, boss of Standard of California; William Starling Sullivan Rodgers, director of Aramco and board chairman of the Texas Co.;Aramco's globe-trotting Vice President James Terry Duce. Their companies produce 22% of the worlds oil. They reached an agreement which, in effect, put Jersey Standard and Socony in Arabia...
...broad outline, the deal called for Aramco to borrow $227,500,000 from a group of banks to spend on the venture. (Jersey Standard and Socony will guarantee $102,000,000 of the loans, all three companies will share the rest.) Aramco will build a 1,000-mile pipeline from the blistering oil-rich city of Dammam to the Mediterranean: it will construct a deep-water port at Dammam, build a short railroad, install additional refinery equipment and connecting pipelines. All this, it expects, will step up production in Arabia from the current 200,000 barrels...