Word: kuwait
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Dates: during 1970-1979
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...more than two years, many of the world's oil-producing countries have been intensifying their drive to nationalize their oil industries. Last week the campaign passed a milestone: Kuwait became the first Arab country to achieve 100% ownership of its producing company. For $50.5 million the government bought the remaining 40% of Kuwait Oil Co. that had been owned by Gulf Oil and British Petroleum. Although the settlement followed months of acrimonious negotiations presided over by Oil Minister Abdel Muttaleb al Kazimi, it scarcely came as a surprise: the government had announced plans in March to complete...
...portions of the testimony are relatively innocuous. Gulf, for example, has disclosed that it reluctantly sponsored a rebroadcast of the Tricia Nixon-Edward Cox wedding at the request of former White House Aide Charles Colson. Also, a Gulf official revealed that the government of Kuwait asked it to contribute $10,000 to Republican Senator Mark Hatfield of Oregon, who is a friend of the Kuwaiti ambassador-but it is not known whether Hatfield actually got any money...
...Sadat's good relationship with "my friend Henry," as he calls the Secretary of State, but Egypt's own pressing needs. With 37 million people-and a high birth rate -the country is desperately poor. Despite a cash transfusion of $1.2 billion this year from Saudi Arabia, Kuwait and Qatar, Egypt will probably end 1975 with a $500 million deficit, raising the possibility that the country might default on its debts. The Saudi moneymen, moreover, are not happy-or think it impolitic to seem happy-about Egypt's signing of the Sinai accord, and they are likely...
...same pressures do not, however, apply equally to all OPEC members. Saudi Arabia and Kuwait have raised their prices the full 10%, even though they have urged price moderation within OPEC in the past; Saudi Arabia at first argued for no price increase at all at the Vienna meeting. Both nations have enormous oil reserves and small populations: they did not need the extra income that a bigger-than-10% price boost would have brought, but neither do they now need the extra revenues that they might get by competitive price shading...
...OPEC states, notably Saudi Arabia and Kuwait, are still taking in more money than they can spend. But at least four member countries-Venezuela, Algeria, Iran and Iraq-are expected to have to borrow up to $2 billion in international money markets this year. Little more than a year ago, they were wallowing in surplus cash. A sampler of conditions in key producing states...