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...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 its takeover. Nonetheless, the deal underscores the progress that producing countries are making in wresting control of drilling and pumping operations away from the major Western oil companies, and relegating the companies...

Author: /time Magazine | Title: OIL: Buying Out the Wells | 12/15/1975 | See Source »

Even though it was the anniversary of the birth of the Prophet Mohammed, and thus an Islamic holiday, King Faisal of Saudi Arabia had a busy schedule. At 10 o'clock last Tuesday morning, he had an audience with the Oil Minister of neighboring Kuwait, Abdel Muttaleb al Kazimi, at the royal palace in Riyadh. Outside the King's office, Kazimi was greeted by Prince Faisal ibn Musaed, 26, a nephew of the King's and one of the 3,000-odd princes of the House of Saud. While Saudi Arabia's Oil Minister, Sheik Ahmed...

Author: /time Magazine | Title: SAUDI ARABIA: THE DEATH OF A DESERT MONARCH | 4/7/1975 | See Source »

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