Word: iranian
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Dates: during 1950-1959
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Early in World War II the Shah of Iran wrote to his friend Franklin Roosevelt and asked him to recommend a composer who could set Walter Camp's "Daily Dozen" physical exercises to Persian rhythms for use by the Iranian army. The U.S. State Department knew just the man: Composer Henry Cowell, then doing a stint as music editor of OWI. Cowell polished off the job in a few days, saw thousands of his records pressed and shipped off to Iran to ease the deep, daily kneebends practiced by the Shah's sturdy troops...
Though Iran still claims that "the principle of sharing profits fifty-fifty between partners has been respected." it will get its extra 25% by bringing the state-run National Iranian Oil Co. (NIOC) in as an equal partner with Italy's ENI. From any profits, the Iranian government will skim a 50% royalty off the top; then the remaining 50% will be divided equally between ENI and NIOC. In addition, ENI will ante up NIOC's initial contribution to the joint company on a "loan" basis, pump another $22,250,000 into the venture over the next twelve...
...Iranian oil law passed this month specifies that the state company must hold a 30% interest in any joint venture, assuring Iran of at least a 65% slice of the profits. Like it or not, Iran has so much promising oil land that at least two U.S. companies are now considering moving into Iran to explore under the terms...
...firms. For exploration, the land will be divided into blocks of some 80,000 sq. kil., with an unspecified third of the area held in reserve for future exploitation. It will allow foreign companies either to share the costs of exploration and development with the state-owned National Iranian Oil Co., or go it alone; in either case NIOC will take at least half the profits. Among the areas opened up: the fabulous Qum oilfield in central Iran (TIME...
...best example of how Iranian attitudes have changed since the xenophobic days of Premier Mossadegh is a provision allowing the Shah and NIOC to negotiate directly with foreign firms without the preliminary wrangling in the Majlis that discouraged many a prospective investor in the past. With the new law several U.S. oil firms, plus Japanese and Italian companies, are expected to try their luck soon in Iran's oil-promising interior...