Word: gulbenkian
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Wily old (80) Calouste Sarkis Gulbenkian, one of the world's richest men, reputedly learned to bargain in the rug bazaars of Turkey. So it was no trick for him to block a deal for Standard Oil Co. (NJ.) and Socony-Vacuum Oil Co. in the Middle East. The two oil companies had offered to pay upwards of $150 million for a 40% share in the Arabian American Oil Co.'s Saudi-Arabian concession (TIME, Dec. 23, 1946). Before the deal was made, Trader Gulbenkian wanted...
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...
After the Germans invaded France, Gulbenkian went to Lisbon, where he lives at the plush Hotel Aviz...
...realist to the core, Gulbenkian did not expect to keep Standard from going into Saudi Arabia by holding it to the "Red Line" agreement. But if the agreement is to be abrogated, so that Standard and Socony would not have to share their Arabian oil with Iraq Petroleum partners, Gulbenkian wanted to be paid off. So far, his price has looked too high to Standard...