Word: kuwait
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...satisfy Asian buyer,, they have set off a violent reaction in the Middle East, where Arab government revenues flow from oil royalties. Although Mideast production is up 13% this year, the Arab nations expect heavy revenue losses from the cuts; Iraq says it will lose about $20 million, and Kuwait, Saudi Arabia and Iran, being bigger producers, will lose even more. Cried Sheik Abdullah Tariki, Saudi Arabian director of petroleum and mineral affairs: "It is a plot by the oil companies, not even remotely justified by the Russian challenge." When the Arab Petroleum Congress meets in Beirut in October...
From 28 miles off the Saudi Arabia-Kuwait Neutral Zone in the Persian Gulf flashed word last week that the Japanese-owned Arabian Oil Co., Ltd. had brought in its first well. It came in the nick of time. The 6,000 barrels of oil that will rise daily from the ocean floor ended months of misfortune that had brought the company near bankruptcy. An eleven-day fire in its offshore platform had cost the cash-short firm $780,000. and stockholders had refused to ante up any more capital. Now, flushed with the glow of sudden prosperity...
Japan's first major venture into international wildcatting was stimulated by the need for cheaper oil for its mushrooming industry. Founded in 1957 with $9,800,000, Arabian Oil secured 44-year offshore concessions from both Saudi Arabia and the sheikdom of Kuwait. The price was steep, but oil-poor Japan had no choice. Instead of the fifty-fifty profit split then prevalent, the Japanese agreed to take only 43% of the profits from Kuwait, 44% from Saudi Arabia. They also promised to build a refinery in Saudi Arabia or in the Neutral Zone, agreed to sell...