Word: mobilizations
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Three members of the Corporation along with Putnam comprise this committee. Last year the sub-committee decided to abstain from voting Harvard's Mobil Oil stock on a resolution to have the company's foreign affiliates (including Mobil South Africa) institute affirmative action programs for minority employment. Albert L. Nickerson '33 one of the Fellows on the sub-committee, disqualified himself because he is a former chairman of Mobil's board of directors. If Corporation members removed themselves from every issue in which they were chummy with some of the principals the proposed action is directed against, the subcommittee probably...
...scandals. The first goes back to 1971, when an independent oil distributor charged that the multinationals were trying to squeeze him out of business by not selling him supplies. Last week the government handed down indictments against 15 oil-company executives, including top figures at Mobil, Shell, Esso and Total. The decision fuels the other scandal, in which the same companies have been accused by Finance Minister Valery Giscard D'Estaing of playing favorites during the Arab oil crunch. They are charged with supplying longtime independent clients while cutting off some newer firms...
Early last month, an eight-page letter from the Ministry to the European Commission of the Common Market was leaked to the press. It alleges that Shell, BP, Chevron, Mobil and Esso conspired to drive out independent oil marketers, juggled their books to avoid paying West Germany's high taxes and engaged in price fixing. The oil firms deny all the charges, and the government refuses to comment on the letter. Relations between both sides have never been worse...
Aramco neither ships nor markets oil. Those jobs are left to its five owners. Four are major, competing U.S. companies - SoCal, Texaco and Exxon, each of which has a 22.5% interest, and Mobil, which owns a 7.5% share. The fifth partner is the Saudi government, which bought a 25% share for more than $500 million in 1972 under a "participation" agreement that will turn 51% of Aramco over to the Saudis...
IRAQ NATIONAL OIL CO. rose to power after the government in 1972 seized almost all the concessions, equipment and pipelines of the Iraq Petroleum Co., a consortium that included British Petroleum, Shell, Exxon and Mobil. Iraq has estimated reserves of 31.5 billion bbl., and I.N.O.C. manages exploration and production, though it still sells some to the majors. I.N.O.C. has a big plus: an adequate supply of trained personnel, many of them schooled abroad largely at the expense of the major international oil firms...