Word: ethiopia
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...more than 20 years [we] have been engaged in the petroleum business in Ethiopia. . . . Early this year Mr. Francis M. Rickett of London approached us on the possibilities of negotiating on our behalf a petroleum exploration and development agreement with the Kingdom of Ethiopia. After considerable discussion with Mr. Rickett, it seemed probable that he might be able to secure a concession, whereupon the Standard Vacuum Oil Company organized a corporation in Delaware known as the African Exploration & Development Corporation . . . to acquire such concession when granted...
...This matter was handled in the regular course of business as a private transaction with Ethiopia, but without consultation with any other government. . . . Today . . . after conference with the Secretary of State [I] have decided to advise the Ethiopian Government of our intention to abandon the concession...
...Hull to feel that everything had been finally settled, sprang naturally from the embarrassment of Peace Lovers when it was at first thought that British League of Nations Minister Anthony Eden would find himself reeking with the odor of oil when he rose in Geneva to carry the Italy-Ethiopia crisis onto a high moral plane. The fact that Promoter Rickett is British and at first said that part of his financial backing was British had made young Mr. Eden look out of character for a few days in his world-popular role as the Lindbergh of Diplomacy...
With Britain showing the cleanest possible diplomatic hands this week, with Standard Oil the butt of slashing attacks by New Deal newspapers, and with Ethiopia's Emperor soured on the U. S., alert London financiers called conditions ripe for Promoter Rickett to obtain his vast concession afresh for British interests if Standard Oil really does not want...
With two of its officials publicly spanked in Washington and others higher up caught in telling the kind of technical lies which few Big Businessmen consider reprehensible when dealing with the Press, Standard Oil last week might well consider itself through with an unfortunate international episode. Unlike Ethiopia's Emperor, it never really expected President Roosevelt to defend its concession with U. S. arms. Like every great oil company, it has scores of concessions and near-concessions on its hooks, plays them close to the chest, dropping one trick here, taking another there. Last week it dropped a trick...