Word: consortium
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Dates: during 1950-1959
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...Iran's oilfields. Last week, with neither tears nor cheers, it agreed to ask them back. The Senate approved 41-4 a bill already rushed through the Lower House. In return for turning over control of Iran's oil production and marketing to an eight-company foreign consortium, (American, British, Dutch and French companies), Iran will get a 50-50 profit split, which should yield it a badly needed $420 million in the first three years...
Britain's Reward. But in fact, Britain will get a lavish return for its lost oil investment. The real compensation to Anglo-Iranian will be borne by the other seven oil firms joining the consortium. For the privilege of a share in exploitation of Iranian oil, the seven (including America's Jersey Standard, Gulf, Texas, Socony Vacuum and Standard of California) will pay Anglo-Iranian about $600 million. In addition to this compensation, Anglo-Iranian, with a 40% interest in the new consortium, will still be the dominant oil operator in Iran. So Anglo-Iranian has cause...
...international consortium of eight of the world's biggest oil companies to operate the industry for 25 years, using Iranian technicians as much as possible. Biggest partner: Anglo-Iranian, with 40%. Five U.S. companies (Jersey Standard, Gulf, Texas, Socony Vacuum, Standard of California) will share another 40%, and Royal Dutch Shell and a French company the rest...
...Division of profits between the consortium and Iran on a 50-50 basis, a similar arrangement to that in other Middle East oil-producing countries. Revenue to the bankrupt Iranian government could amount to as much as $75 million in the first year, rising to $190 million annually by the third year. (The U.S. has given Zahedi's government $60 million to sustain it until the oilfields and refineries resume production...
...Zahedi. In London, the oil world's Big Eight-Anglo-Iranian, Royal Dutch Shell, Compagnie Française des Pétroles, New Jersey Standard, Socony, Texaco, Cali fornia Standard and Gulf-were secretly hammering out a tentative agreement to market Iran's oil through an international consortium. In Washington, the National Security Council directed the Attorney General to grant the five U.S. companies immunity from antitrust prosecution if they joined the combine...