Word: oiling
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Dates: during 1950-1959
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Eight years after Aramco, the U.S.-owned Arabian American Oil Co., introduced into the Middle East the magic fifty-fifty formula of splitting production profits with the governments concerned, the numbers game no longer has its old magic. The formula was often broken while still technically honored-through side bonuses, generous rentals, air-conditioned Cadillacs or airplanes presented to sheiks. But on one matter the major oil companies of the world, which may compete at filling-station pumps but frequently join in partnership abroad, were adamant. They would split with Arab governments only at the production stage, would...
Latecomer. On the one side is the Standard Oil Co. of Indiana, a Midwestern giant which has belatedly joined the rush for overseas reserves and is ready to pay to get in on the comparatively few good areas still unallocated in the Middle East. For an offshore Iranian concession earlier this year, Indiana Standard paid a $25 million cash bonus, promised to spend $82 million in twelve years developing the area, and by accepting the state oil agency as equal operating partner entitled to half of future profits, in effect gave the Iranians a 75-25 share of total profits...
They are more concerned by the deal being discussed by Indiana Standard with Saudi Arabia. At the bargaining table sits swart, smiling Sheik Abdullah Tariki, 39, the Arab oil expert whom Americans most respect and fear. Head of the Saudi office of Petroleum and Mineral Affairs, Tariki is an oil engineer with a master's degree from the University of Texas, is divorced from his American wife. His dedicated Arab nationalism is reportedly deepened by painful memories of having been confused with Mexicans in Texas. In the land of sheiks with Cadillacs and concubines, he is regarded as personally...
...Foreign oilmen pointed out that Tariki's deal with the Japanese promised at best small profit in limited markets, and only after years of waiting; Western companies alone, with their tanker fleets, refining facilities and extensive marketing systems, can offer an immediate and sizable outlet for Middle East oil. The feudal princes of Saudi Arabia, who have overdrawn on their big profits to support their luxurious living, are interested in getting the most possible revenue now. But Tariki, an admirer of Nasser, shows a disposition to settle for less revenue now, which in his view is wasted on palaces...
Died. William Frank Buckley, 77, far-right-wing capitalist, onetime (1908-n) lawyer for Mexican oil firms, who struck it rich with his own fields, bitterly anti-progressive-education theorist, who last year (TIME, March 4, 1957) founded a school on his Sharon, Conn, estate, to produce an intellectual elite (mostly his own grandchildren) who would be safeguarded from "the blight of liberalism and Communism"; in Manhattan...