Word: saud
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Dates: during 1950-1959
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Died. Prince Mansour Ibn Abdul Aziz, 29, Defense Minister of Saudi Arabia, a favorite son of King Abdul Aziz Ibn Saud; of uremia; in Neuilly, France. In 1945, with his father, he was entertained by Franklin Roosevelt aboard the U.S.S. Quincy in the Red Sea, was long considered the likely successor to Saudi Arabia's throne...
...coffee, they scratched their signatures to a historic document. When the news of its contents came out last week, it delighted other oil-rich Middle Eastern nations, but it dismayed Great Britain. Davies,* in revising Aramco's 17-year-old agreement with Saudi Arabia's King Ibn Saud, had given him the most generous deal ever made in all the turbulent history of Middle Eastern...
...effect, Aramco made old Ibn Saud an equal partner, who would share & share alike in all of Aramco's profits, including 1950's whopping net (before royalties) of $180 million. For Ibn Saud and Saudi Arabia, it meant a kingly take of $90 million, 50% more than the $60 million that would have been paid under the old royalty payments of 34? a barrel. If, as expected, Aramco rings up an operating profit of $200 million in 1951, Ibn Saud will get half of that...
...Take a Law." Actually, Aramco had had little choice in its deal. Ibn Saud, faced with heavy drains on his exchequer to keep up his luxurious standard of living and pay for public works, had been demanding more money for two years. Abdullah Suleiman had imported a U.S. tax expert, John Greaney, to help him get it. In November Ibn Saud, who passes his own laws, suddenly promulgated an income-tax decree which would take half of Aramco's profits now and possibly a bigger slice later...
...long period of good feeling-rather than to haggle and build up resentment. It had not forgotten that accumulated resentment caused Mexico to expropriate U.S. oil companies in 1938. It also knew that Jersey Standard's generous 1945 settlement with Venezuela had built immense good will. Ibn Saud also was shrewd enough to learn his own lesson from the Mexican affair: Mexico's oil production plummeted after it drove the U.S. companies out. And Ibn Saud, with no one else to turn to but Britain, which he dislikes, and Russia, which he fears, wanted to keep Aramco happy...