Word: qum
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Dates: during 1950-1959
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...free its oil from the entanglement of Arab politics and the dangers of a blockaded Suez Canal, Iran last week signed an agreement with its Baghdad Pact partner, Turkey, for a $500 million oil pipeline. Presumably, oil from the rich new northern field of Qum will be piped over the mountains to a Mediterranean port in southern Turkey. Estimated savings in oil transport costs...
...PIPELINE DEAL is ready for signing by U.S. allies in Middle East. Agreement has been drafted to lay $500 million 1,100-mile line from Iran's Qum field (TIME, May 6) to Turkey's Mediterranean port of Iskenderun, and the two nations have offer of financial help from U.S. investors headed by Wall Street's Allen & Co. Prospect is that Iraq will hook into line via short feeder pipe, thus bypassing Syria...
...negotiating in Morocco. The climax of Mattel's Middle East drive came last September, when, in return for a promise of 75% of profits,* the Iranian government gave him a 12,000-sq.-mi. exploratory concession, more than half of which lies just south of the highly productive Qum fields...
...RICH IRAN plans to build a 620-mile pipeline to carry between 140,000 and 190,000 bbl. a day from its rich Qum field (TIME, May 6) to Turkey's Mediterranean port of Iskenderun. Idea appeals to Western oilmen because new line would avoid Redlining Syria. But Iran must raise $500 million for the job, and may hold back if Western nations work out plan to build their own line around Syria...
...Eastern governments give foreign prospectors. To Italy's state-run ENI and its ambitious boss. Enrico Mattei, Iran granted twelve-year drilling concessions for a strip on the Gulf of Oman, a submerged area off Abadan, and a promising 6,800-sq.-mi. area south of the fabulous Qum find (TIME, May 6). But to Iran ENI gave up to 75% of the profits from any oil find it may make...