Word: iranian
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Dates: during 1950-1959
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...than that, a strategic chunk of the globe's surface was made safer from Communist penetration. Last week, in the cool garden of Elah-yeh Palace outside Teheran, Iran's Finance Minister and a U.S. oil negotiator put their initials on a settlement of the vexed Anglo-Iranian oil dispute. A formula had at last been found by which a combine of eight of the world's largest oil companies (TIME, Aug. 9) will operate Iran's nationalized oil industry, splitting the profits on a 50-50 basis with the Iranian government. "Indeed gratifying," said President...
Mossadegh's Folly. It had been more than three years since the wild man of Iranian politics, Mohammed Mossadegh, nationalized his country's oil industry and started his country on the road to economic and political ruin. Undoing the mischief and getting the disputants back together took skilled diplomacy. Iran's young Shah and his strongman Premier, General Fazlollah Zahedi, had to operate in an ugly, xenophobic climate created by demagogues and Communists. Anglo-Iranian Oil Co. (owned 53% by the British government) was unwilling to assent to any agreement that seemed to reward illegal seizure...
Actually, no military discussion with the U.S. has taken place. Diplomatically it would be out of the question until the three-year-old oil dispute between Britain and Iran is settled. But that is due any day now. British and Iranian negotiators have worked out a complicated formula by which the dispossessed Anglo-Iranian Oil Co. would be compensated (though some gentler phrase might be used) for the huge oil installations it left behind when Iran nationalized its oil industry in 1951. Other provisions...
...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...