Word: kuwait
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...agree late in the year to sell their remaining 40% ownership to Faisal's government. It will pay the partners $2 billion for almost all their facilities, a price that the Saudis can meet with less than one month's oil earnings. The Saudi takeover will move Kuwait, Qatar, Oman and the United Arab Emirates to nationalize the last of the Western oil operations in those areas, probably this year. The companies will become mere agents, selling technical and marketing services to the governments...
...countries will be keyed to that figure. Buyers of oil from Saudi Arabia, Qatar and the United Arab Emirates will pay no more than now; those countries, in effect, went up to the new prices in November. But buyers of crude from the other ten OPEC nations, including Iran, Kuwait and Venezuela, will pay to the governments of those nations about 38? per bbl. more, an increase of roughly 4%. The new price will remain in effect until next Sept. 30 - meaning, the producers say, that as inflation continues in consuming countries, the price of oil relative to other prices...
Once the Saudi takeover is complete, Qatar, Kuwait and the United Arab Emirates are also expected to move to buy out 100% of Western oil operations. The governments of the producing countries will then become the sole marketers of all the oil pumped out of their lands, making imperative a conference between governments of oil-burning nations and those of oil-pumping nations. U.S. Secretary of State Henry Kissinger has proposed a meeting of industrialized and oil-producing nations; French President Valéry Giscard d'Estaing wants to include underdeveloped countries that also depend on oil. The producers...
Even so, OPEC investment in Western nations is picking up. Kuwait emerged last week as the purchaser of up to 14.6% of Daimler-Benz AG, the producer of Mercedes vehicles. The deal cost the Kuwaitis $300 million to $400 million, by far the most ever spent for a stock acquisition by a Middle Eastern nation. Adnan Khashoggi, 39, a U.S.-educated Saudi whose non-oil business empire already includes two small California banks, recently offered $14 million for a one-third interest in the First National Bank of San Jose. Armand Hammer, chairman of Occidental Petroleum Corp., disclosed last week...
...that is holding a cap on an investment gusher is the conservatism of the lightly populated nations with the largest capital surpluses-Saudi Arabia, Kuwait and the Persian Gulf sheikdoms...