Word: ibn
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...thick coffee, they scratched their signatures to a historic document. When the news of its contents came out last week, it delighted other oil-rich Middle Eastern nations, but it dismayed Great Britain. Davies,* in revising Aramco's 17-year-old agreement with Saudi Arabia's King Ibn Saud, had given him the most generous deal ever made in all the turbulent history of Middle Eastern...
...effect, Aramco made old Ibn Saud an equal partner, who would share & share alike in all of Aramco's profits, including 1950's whopping net (before royalties) of $180 million. For Ibn Saud and Saudi Arabia, it meant a kingly take of $90 million, 50% more than the $60 million that would have been paid under the old royalty payments of 34? a barrel. If, as expected, Aramco rings up an operating profit of $200 million in 1951, Ibn Saud will get half of that...
Died. Sir Ahmed Ibn Al Jabir Al Subah, 64, oil-rich ruler of the Arab sheikdom of Kuwait, near the head of the Persian Gulf; of a heart attack; in his capital, Al Kuwait...
...have learned something from the past failures of Britain and France, who supported monopoly groups in these countries, but we may be making the same mistake in the Arab oil producing states by befriending the leaders like Ibn Ben Saud and forgetting the people, Frye said...
...Oilman James A. Moffett, it was worth plenty. The jury awarded the onetime FHAdministrator a fat $1,150,000 judgment in his suit against Arabian American Oil Co., Inc. for certain "services rendered" (TIME, Feb. 28). The services, according to Moffett, were very special. Saudi Arabia's King Ibn Saud had demanded an extra $6,000,000 a year from Aramco in 1941, on the threat of tearing up its multi-billion-dollar concession in his country. Moffett claimed that he had persuaded Franklin D. Roosevelt to propose that Ibn Saud's sagging treasury be propped up with...