Word: qatar
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Dates: during 1970-1979
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...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...
...plan is a Saudi Arabian government take of $10.12 on the average barrel of Arabi an light crude shipped out of the port of Ras Tanura; market prices and government revenues on other grades from other 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...
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...
...Saudi move, made independently of the Organization of Petroleum Exporting Countries and followed by Qatar and the United Arab Emirates, was announced at a meeting of six OPEC states in Abu Dhabi. For Saudi Arabia, by far the largest producer, the complex new policy works like this...
...price structure will be implemented immediately by Saudi Arabia, Qatar and the United Arab Emirates. Iran, also present at the Abu Dhabi meeting, has a plan of its own: the posted price would be replaced by a single price for oil, linked to the cost of a "basket" of 20 to 30 commodities on the world market. As inflation drove these commodities up, oil prices would also rise...